Some of the biggest names in finance called on governments yesterday to strike a tough deal on emissions reductions in Copenhagen this December, in an effort to boost investment into climate change.

The investors, with a combined $13,000bn in assets under management, demanded higher commitments on emissions reductions than nations are likely to agree. Signatories include investors such as HSBC, Hermes, ING Group, Société Généraleee, Swiss Re, Allianz Global Investors and numerous US and European public sector pension funds.

They called on rich countries to agree to cut their emissions by between 25 per cent and 40 per cent by 2020, compared with 1990 levels – a cut much deeper than the US has said it would sign up to but in line with what scientists have estimated will be necessary to avoid dangerous consequences from climate change.