The Strathclyde Pension Fund (SPF), which is run by Glasgow City Council, was asked to carry out an assessment of energy sector companies in its portfolios before the United Nations COP26 climate summit, taking place in November.

The report suggests fund managers would use a traffic light system where a ‘red’ grading, for firms that “cannot or will not adapt”, would see investment pulled.

The council’s own analysis suggests £316 million of SPF cash is invested in oil and gas firms.

However, estimates by campaign group Friends of the Earth Scotland suggest the total could be more than double that figure, at £836m.

Either way, the SPF – the largest of its kind in Scotland – has the biggest investment in climate polluters of any public fund in the country.

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