BlackRock will remove coal stocks from its actively-managed funds as it pledges to become a leader in sustainable investing. The move follows a barrage of criticism that the investment giant's efforts have been inadequate so far.

The $7tn asset manager set out its plans in a letter to clients on 14 January, which accompanied the annual letter from chief executive Larry Fink to the companies in which BlackRock invests. The company said it has a 10-year strategy to grow its sustainable assets from $90bn to more than $1tn.