Global investors managing nearly $7tn (£5.2bn) of assets plan to almost double their spending on renewable energy infrastructure over the next five years amid deepening concerns over the fossil fuel industry’s climate plans, according to a report.

A survey of institutional investors found that they are planning to increase their renewable energy investments from 4.2% of their overall portfolio to 8.3% in the next five years and 10.8% within the next decade to about $742.5bn.

The survey of more than 100 investors, representing $6.9tn of assets under management, found that 83% did not believe the plans put forward by oil and gas companies would be enough to meet the Paris climate agreement goals.