Commonwealth Climate and Law Initiative will lay out risks to financial returns amid increasing government curbs on emissions

Prince Charles is taking part in a project to expose major polluting corporations based in Commonwealth nations to big-money legal action if they fail to accurately disclose their impact on climate change or reform their ways.

Along with lawyers and academics, the heir to the throne is lending his help to an initiative designed to publicise and develop nascent laws in Britain, Australia, South Africa and Canada which investors in polluting firms could use to drag directors through the courts.

Related: A story of hope: the Guardian launches phase II of its climate change campaign

Related: Christiana Figueres: the woman tasked with saving the world from global warming

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