Jeremy Grantham, chairman and co-founder of US-based asset manager GMO, is donating £12m (€17.9m) to London's Imperial College to establish the Grantham Institute for Climate Change.

The money, provided by Grantham and his wife Hannelore, will fund research into technology which might prove effective in cutting down the emission of carbon dioxide, which is leading to a potentially dangerous increase in global warming. Ten research posts will be created.