Some of Australia's biggest companies are planning for an unbearable climate future
Even as unprecedented fires and heat waves 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.
Australia's largest corporations are preparing for a much hotter future despite international science warning that exceeding 1.5°C of global warming would be catastrophic. Mandatory climate reporting in Australia requires companies to disclose climate risks and opportunities, with many major energy and resource firms planning for warming of more than 2°C by the end of the century.
This "business-as-usual" approach assumes warming will remain at or exceed 2°C, putting the Australian economy, environment, and communities at severe risk. Companies like BHP and Rio Tinto plan to continue mining and producing coal and steel, despite global net-zero targets. Even energy firms like AGL and Origin Energy are confident their strategies will remain viable if warming accelerates beyond 2.6°C.
This approach is out of step with the latest scientific consensus, which says we must limit warming to 1.5°C with minimal overshoot to avoid irreversible climate impacts. Australia's government needs to implement stricter regulations on big corporations to comply with international climate goals and avoid potential legal repercussions.
Written by urgent.news from Phys.org's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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