Only 12.5% of the world’s biggest companies are cutting their CO2 emissions at the rate needed to keep global warming below dangerous levels, according to a new report backed by the Church of England. However, its authors said these companies “show what is possible”.

The State of Transition report, prepared for a $14tn investor group led by the church pension fund and the UK Environment Agency, studied a group of 160 of the world’s biggest companies, including airlines, oil and gas groups, and carmakers.