Over 400 companies globally have pledged to divest from fossil fuels and invest in renewable and clean energy, according to a new report.

Arabella Advisors, working for campaign group Divest-Invest, says that commitments to divest from fossil fuels now top $2.6 trillion and include pledges from governments, pension funds, philanthropy, entertainment and municipalities in 43 countries.

According to the report, there has been a 50-fold growth in the last 12 months in commitments to divest from fossil fuels. Recent notable commitments include the California Public Employees’ Retirement System, the Norway Pension Fund, the Canadian Medical Association, the World Council of Churches, the University of California system, the Children’s Investment Fund Foundation, the KR Foundation, Leonardo DiCaprio and the Leonardo DiCaprio Foundation.

Recent financial analyses from HSBC, Citigroup, Mercer, Bank of England and the International Energy Agency all indicate a significant, quantifiable risk to portfolios exposed to fossil fuel assets.

"The Arabella Report shows that more and more investors are reducing their carbon risk today and diversifying their portfolios with the goal to harness the upside in the sustainable clean growth industries of the future," said Thomas Van Dyck, Managing Director-Financial Advisor of SRI Wealth Management Group. "That underscores what I see every day as a financial advisor – that the demand for fossil-free investment products is increasing."

Divestment strategies vary among participants in the movement. Some have divested from all fossil fuel companies both large and small; others are beginning with coal and/or tar sands.

"The science says 80 per cent of coal must stay in the ground, and we don’t have the luxury of time if we are to keep the global temperature rise to below 2°C," said David Nussbaum, CEO of WWF-UK. "This move sends a strong signal to governments ahead of the Paris climate conference. Divestment opens up the political space needed for meaningful action around climate change."