Big business, investors urge tough climate action

* 175 companies urge govts not to wait for new climate treaty

* Says climate change risks undermining global prosperity

LONDON Oct 20 (Reuters) - U.N. climate talks in South Africa next month must make meaningful progress or governments "risk permanent damage to their credibility", a group of global businesses warned on Thursday.

At the Nov. 28-Dec. 9 summit in Durban, governments should try to adopt measures to ensure poor nations will have $100 billion in annual climate aid by 2020 and to pave the way for low-carbon investments, said a communique from over 175 companies including Tesco and Nedbank Group .

Major emitting nations must also cut their carbon emissions deep enough to contain global warming, the statement said.

"If we do not act, climate change risks seriously undermining future global prosperity and inflicting significant social, economic and environmental costs on the world," the companies said.

"Without this agreement, business lacks the clarity and certainty needed to invest to its fullest potential."

The companies also encouraged countries to forge bilateral and multilateral agreements to form financing partnerships and to tackle particular problem areas such as deforestation and emissions from international shipping and aviation.

A similar statement was issued on Wednesday by a group of 285 investors managing assets worth more than $20 trillion, including Calpers, the biggest pension fund in the United States.