Fund managers face the prospect of a wave of new rules that will force them to tot up and publish the carbon emissions of companies they hold within their portfolios, as part of global efforts to combat climate change, regulatory experts at KPMG have warned.

KPMG cautioned fund managers that it expects other countries to follow the lead set by France, which last year introduced an "energy transition law" that places requirements on institutional investors - insurance firms and pension funds - to report on how they are "contributing" to limiting global warming through their investment portfolios.