US public sector workers’ retirement savings invested in projects that pump out a billion tonnes of emissions a year

The report traces a trend of private equity firms swooping in as large oil and gas firms seek to shed older and dirtier assets and the bigger banks increasingly regard them as risky investments. Thanks to limited disclosure rules, regulatory loopholes and complex corporate structures, some of the dirtiest assets have come to be owned by relatively obscure investment outfits, the report says.