More than 500 institutions that together manage in excess of $3.4 trillion of assets have committed themselves to sell their investments in fossil fuel companies, according to 350.org and Divest-Invest, two organisations coordinating the movement.

The total has risen since September 2014, when 181 institutions representing $50 billion in assets had made a divestment commitment.

That figure had risen to 400 institutions and $2.6tn by 21 September this year during Climate Week in New York.

Oslo goes fossil-free

Recent announcements have included Oslo becoming the first capital city to ban investments in fossil fuels.

Munster has become the first city in German to completely divest from fossil fuels.

And European insurance giant Allianz has sold €630 million of coal assets and invested €4bn in wind power.

> See 350.org's statement