The signature of 195 governments to a treaty with emissions reduction as its central tenet will force investors to question the security of any funds tied up in carbon-producing enterprises, say campaigners. They also point to the unprecedented breadth of a COP21 process that brought many of the world’s richest companies, cities and individuals into the fold.

The Institutional Investors Group on Climate Change, which represents companies managing €13trn ($14.2trn)