International wealth manager deVere plans to doubled its commitment to ESG investments to $2bn (£1.45bn).

At the start of this year deVere Group said it would aim to have $1bn in sustainable investment vehicles within 5 years but the firm has now doubled its target to “$2bn or more” within the same time frame.

The wealth manager said the new target is achievable as investors are keen to “earn profits with purpose.”

Nigel Green, CEO and founder of deVere, said: “Our climate is changing at a quicker rate than previously predicted. We’re already noticing the impacts of human-created global warming.

“As a society, we have a small window of opportunity to slam on the brakes to save our planet.

“But this takes determination, honesty and resources. It requires unprecedented levels of investment, which is why deVere is now aiming to position $2bn into ESG investments within five years.”

DeVere is one of 18 founding signatories of the UN-backed Net Zero initiative, the international alliance of global finance companies that aim to accelerate the transition to a net zero financial system.

Membership means it is committed to, “aligning all relevant products and services to achieve net zero greenhouse gases by 2050 and to set meaningful interim targets for 2025.”

This weekend world leaders, heads of industry and climate change experts are headed to Glasgow for the start of the COP26 event which is seen as a potentially critical turning point in the global struggle to avert the worst effects of climate change.

Prime Minister Boris Johnson has said that getting financial institutions behind the global transition to net zero is “crucial to unlocking the finance we need to get there.”