The UK’s largest pension funds are falling behind their European peers on tackling climate change, according to a report that ranks the biggest investors’ efforts to invest more sustainably.

Climate change pressure group Asset Owners Disclosure Project, which published the report, criticised the policies of the UK’s £60bn Universities Superannuation Scheme, the £28bn Railways Pension Scheme and the £38.5bn Electricity Supply Pension Scheme, ranking them 28th, 38th and 64th, respectively, out of the top 100 funds in the world.