Nest, the UK public pension fund, is to cut its investments in fossil fuels and polluters as part of a gathering drive among big investors to combat climate change - despite the sceptical stance of new US President Donald Trump.

Nest, with £1.5 billion under management, is putting around 20% of its equity portfolio - or £130 million - into a new fund developed by UBS Asset Management that is a "green" spin on a traditional passive or index-tracking fund.