Another three pension funds in the UK, Australia and France have signed up to a UN-backed initiative to reduce their fossil fuels exposure, putting the drive almost halfway to its target of “decarbonising” $100 billion of investments.

The UK's Environment Agency, France's public service pension fund ERAFP and Australia's Local Government Super are the latest three to sign up to the Portfolio Decarbonisation Coalition, bringing its membership to 12 in all.