The 2015 COP Paris climate conference was a “game changer” and more global pension funds are pricing climate risk into their portfolios, according to a survey by Create Research.

It found that among the funds, “impact investing – the practice of using environmental, social and governance (ESG) factors to deliver competitive financial returns as well as positive societal outcomes” was rising.

The consultancy found that 52% of funds had adopted ESG criteria. Such investments currently have an asset allocation of 36% and that is set to rise over the next three years.