Investors who thought that preventing climate change would be good for both their pockets and their conscience are being advised to think again.

Our latest report alerts both current and potential investors to the wider social and environmental impacts of technologies that combat climate change and warns that these could jeopardize their financial nest eggs.

Written as part of the London Accord, the report Investments to Combat Climate Change – Exploring the Sustainable Solutions gives examples of some unwelcome outcomes where technologies have focused too narrowly on reducing carbon dioxide emissions. One is the recent rise in global food prices, which was in part due to high rates of investment in biofuels. But perhaps more worrying is the growth of advanced solar PV which uses rare materials and nanotechnologies that have unknown risks and the deveopment of genetically engineered bio-organisms for next generation fuels.

Each of these technologies will have wider impacts once they are scaled up to a level where they can deliver effective reductions in carbon emissions - impacts that investors should be aware of.

This is not to say that investors should avoid carbon saving technologies. Far from it. The US$100 billion invested in clean energy in 2007 was much needed, but not nearly enough to deliver clean energy on the scale that's needed.

More money is needed - but it's more important than ever that it's spent wisely. Otherwise the risks to local communities and the environment could make a mockery of the good intentions of many investors. And could put their investments at risk in the process.

Worse still, this growing sector could suffer from a reputational blip which could set it back years - something we don't have time for.

So what's the solution? Well considering the bigger picture is the only way to avoid the risks. By looking through the wider lens of sustainability rather than only focusing on carbon emissions, investors can identify and manage wider issues that may threaten the success of their investments.

When it's not just your money but the survival of people and planet that's at stake, it's good to get it right.

Download the report Investments to Combat Climate Change – Exploring the Sustainable Solutions