‘Sustainable’ pension funds accused of greenwashing over billions held in oil and gas firms

Warning comes as UK watchdog set to tighten rules for asset managers given short-term targets

People investing their pensions in funds that claim green credentials are being warned they may actually be backing the world's largest oil and gas companies.

Carbon Tracker Initiative said that asset managers have invested $376bn (295bn) in oil and gas companies, despite publicly pledging to back efforts to limit global temperature rises to 1.5C. The environmental thinktank based in London and New York found that more than 160 funds with a green label held $4.6bn in 15 companies including ExxonMobil, Chevron and TotalEnergies.