The United Nations urged global business leaders on Wednesday to double investment in wind and solar energy to $600bn (£400bn) a year by 2020.

One month after the Paris climate agreement, Ban Ki-moon, the UN secretary general, told business leaders they needed to act decisively to hasten the transition away from the fossil fuel economy – or they would put the historic accord in jeopardy.

I challenge investors to double – at a minimum – their clean energy investments by 2020.

“I call on the investor community to build on the strong momentum from Paris and seize the opportunities for clean energy growth,” Ban told a UN investors’ meeting in prepared remarks. “I challenge investors to double – at a minimum – their clean energy investments by 2020.”

Global clean energy investment attracted a record $329bn last year, according to Bloomberg New Energy Finance.

But Ban told the New York meeting that was still not fast enough to build the new green infrastructure that would enable countries to meet the Paris goal of limiting warming to below 2C. He said it was time for investors and fund managers to move from “aspiration to action”.