Institutional investors plan to triple fossil fuel divestment rates over the next decade.

That’s the suggestion from Octopus Group, which surveyed around 100 investors representing around $5.9 trillion (£4.66tn) in assets – together, they said that they aim to divest 15.6% of their oil and gas portfolios during this timeframe, almost three times the rate of 5.7% due to take place next year.

The investors surveyed alone plan to move $920 billion (£725.9bn) out of fossil fuel investments in the next ten years.

Octopus Group highlights the renewable energy sector is likely to benefit, as institutional investors plan to step up clean energy allocations to 5.2% over the next year, with this figure expected to more than double to 10.9% by 2029.

The group of businesses that responded to the survey are alone due to invest $643 billion (£507bn) in renewables over the next decade – 71% of these businesses believe investment strategies could be used to make a “material difference” to tackling climate change.

Matt Setchell, Co-head of Octopus Renewables, said: “Our children’s futures will be shaped by decisions that are made now by the global investment industry.

“Given the scale of the challenge and the limited time we have to make a change, the guardians of trillions of dollars of capital have a crucial role to play in averting a climate crisis.”