Even as unprecedented fires and heatwaves rage across Europe, scientists track the retreat of Antarctic sea ice and a supercharged El Niño system heads our way, Australia’s largest companies are forecasting business-as-usual in a much hotter world.

Last year, Australia introduced mandatory company climate reporting. They must now disclose the climate “risks and opportunities” that may affect their prospects.

Several of Australia’s biggest energy and resource companies have now published new sustainability reports as part of annual financial reporting.

Their disclosures reveal the climate future they are planning for, and whether this is aligned with international science-based targets such as the Paris Agreement’s 1.5°C warming threshold.

What we’re seeing is alarming.

Companies planning for an unbearable future

Most of these reports indicate big companies are developing strategies on a climate change “base case” – a representation of what they consider most likely to happen – of more than 2°C of warming. The future temperature rise they’re planning for is one scientists say would deliver an unbearably hot planet.

Some of Australia’s largest miners have followed this approach. Both Rio Tinto and BHP expect global temperature increases of more than 2°C by the end of the century.

Not every company reveals the increase in global temperature they are planning for. But even if they don’t, their disclosures........

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