Swansea’s £2.1bn council pension fund has become the latest investor to cut its investment in fossil-fuel companies, shifting £500m into a low-carbon index fund.

The City & County of Swansea Local Government Pension Fund announced on July 16 that it would shift the money from its existing conventional index fund, managed by BlackRock, to a new low-carbon fund, which has lower holdings in big CO2 emitters. The shift should be complete by the end of the month.