Campaigners argued that the insurance companies had recognised that allowing "new fields to proceed goes against climate science".
Firm which owns the Cambo oil field is on a United Nations blacklist for doing business in Israeli-occupied West Bank settlements,
Two Edinburgh-based investment firms are shareholders in an energy company which plans to develop two of the largest untapped oil fields in the UK North Sea.
29 new oil and gas projects in the UK North Sea could cause one billion tonnes of emissions despite the pausing of the Cambo oil field.
The plan to drill for oil deep under the sea at Cambo, north west of Shetland, is “uneconomic” and would breach international targets to cut climate pollution.
Lothian Pension Fund’s investments in fossil fuels has increased by £64 million - almost 40 per cent - since last year, according to new research.
The UK Government has accepted it has powers to stop the disputed Cambo oil development “in the public interest” after a legal challenge by campaigners.
The UK Government is “confident” that the controversial Cambo oil development could go ahead without breaching climate targets.
Three of the senior executives who run the UK government authority that licenses new North Sea developments have shares worth over £225,000 in the oil industry.