Friday 5 May 2017 01.06 BST
The oil and gas company Santos has admitted its business plans are based on a climate change scenario of a 4C rise n global temperatures, at odds with internationally agreed efforts.
Its chairman, Peter Coates, made the comments at an AGM in Adelaide on Thursday, telling shareholders it was “sensible” and “consistent with good value”.
Earlier this week, the Australian National University, which previously divested from Santos citing a commitment to its renewables research, appeared to have reinvested in the company.
There has been a shareholder push for a resolution that Santos disclose its climate risk assessments and scenario analyses.
Asked whether the analyses were conducted on a 2C pathway, Coates replied that the company had adopted a 4C pathway.
“It’s in comparison to the [International Energy Agency] business-as-usual forecast on carbon emissions,” Coates said.
“There’s been no nationally determined commitment to the 2C scenario, and even the 4C scenario is not funded. So I think what we’re doing is very sensible, and consistent with good value.”