Climate change could wipe up to $4 trillion off the value of fossil fuel assets, the governor of the Bank of England has said: ALAMY

Philip Aldrick, Economics Editor:

Several big fund managers believe that oil companies should shut themselves down because soon they will become impossible to invest in as the world switches to renewable energy.

A survey of 39 fund managers with $10.2 trillion under management found that 24 per cent wanted the oil industry “to wind down their businesses and return cash to shareholders”. All but two of the funds said that oil stocks would not be attractive investments within ten years if they failed to respond to climate risks.

Among respondents to the survey by the UK Sustainable Investment and Finance Association and the Climate Change Collaborative were leading names such as Aviva, Legal & General Investment Management, M&G Investments, Invesco, Hermes Asset Management and Schroders.

Financial services companies increasingly…