Danish pension fund PKA, with some $46 billion under asset management, said on Thursday it has excluded 35 oil and gas companies from its investment portfolio over failure to live up to the goals of the Paris climate agreement.

PKA, which has previously excluded 70 coal companies and is an active investor into climate-friendly technology such as offshore wind power, said it would target carbon emissions in the automotive industry next.

The move comes as big investors are scrutinizing their exposure to fossil fuels and stepping up pressure on the world's biggest corporate greenhouse gas emitters to combat climate change.