Insight Investment has decided to review the status of bonds owned by its liability-driven investment clients, to judge whether their value could be hit by mounting concerns over climate change.

David Averre, Insight's head of credit analysis, said that, at this stage, there was no reason to consider sustainability as a reason to avoid bonds issued by oil and gas companies. But he added: "We are starting to consider sustainability issues much more carefully than in the past. We need to think about the kind of environmental issues which mean we should pare back exposures.