Aviva Investors’ chief responsible investment officer has warned that attendees at COP28 are in for a rude awakening because limiting the rise in global temperature to 1.5°C is “no longer alive as a possible outcome”.

Steve Waygood told Financial News there is “a higher bar than normal” heading into the UN’s annual climate conference, which this year is being hosted by the United Arab Emirates, one of the largest oil and gas producing countries.