An investor coalition representing more than $2.9tn is increasing pressure on global banks to respect the rights of indigenous peoples to halt infrastructure projects that affect them, such as oil pipelines.

The coalition, which includes large state pension funds for California and New York, is pushing for a change to the Equator Principles, a set of voluntary green and social finance standards signed by 97 leading banks, such as Bank of America, Barclays, Citigroup, Credit Suisse, HSBC and JPMorgan.