A group of large financial institutional investors will on Tuesday call on rich countries to cut their emissions by up to 95 per cent by 2050, in the sector’s strongest demand yet on climate change.

The group of more than 130 investors, with a combined $7,000bn under management, includes Calpers, Calsters, several other US public sector pension funds, and several UK public sector pension funds. The group also includes Blackrock Investment Management, Deutsche Asset Management, HSBC Investments, Schroders and BNP Paribas Asset Management.