"Climate change is an acute problem which presents both risks and opportunities to the investor," UBS head of wealth management research Klaus Wellershoff told journalists.

Renewable energy sources such as biofuels, hydroelectric and wind power stand to gain as countries seek to turn their energy policies away from reliance on fossil fuels, UBS said.

Products and processes that deliver improved energy efficiency, such as heating, ventilation and cooling products, could also benefit, it added.

"Those sectors, and the investment areas within them, are best positioned to benefit from the changing climactic and regulatory environment," the bank said in a statement.

Conversely, heavy industry such as chemicals, steel, cement and oil and gas pose more of an investment risk due to their high carbon emissions. The automotive and aviation manufacturing sectors also face more of a regulatory risk from high emissions, UBS noted.

It also urged caution over climate-dependent industries such as agriculture and fisheries, and sectors like tourism, healthcare and insurance which could all be affected by adverse weather conditions.

Scientists in the UN's Intergovernmental Panel on Climate Change will on Friday release their first assessment since 2001, in a document likely to have far-reaching political and economic repercussions.

The panel is highly regarded for its neutrality and caution, and wields a big influence over government policies, corporate strategies and even individual decision-making.

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