A group of 225 global investors with $26.3 trillion of assets under management, including HSBC Holdings Plc and the California Public Employees’ Retirement System, will publish an annual assessment of how some of the world’s biggest producers of greenhouse gases are reducing emissions and limiting their exposure to climate risks.

Under the five-year initiative called Climate Action 100+, the group will ask companies including ExxonMobil Corp., Volkswagen AG, and Airbus SE to reduce emissions across...