Almost $3,000bn in additional investment would be needed by 2020 to meet targets for reducing greenhouse gas emissions set out in European and pending US legislation, according to a report from Deutsche Asset Management.

Meeting those targets would require emissions to be reduced by 5-7 gigatonnes – equivalent to the current annual emissions of the US, Deutsche concludes in a “climate tracker” report prepared together with Columbia University’s Climate Center, which looks at how business can be encouraged to invest in low-carbon technology.