Last week, APRA Executive Board member Geoff Summerhayes warned the transition to a low carbon economy is already underway and “institutions that fail to adequately plan for this transition put their own futures in jeopardy, with subsequent consequences for their account holders, members or policyholders.”

The speech followed a Centre for Policy Development discussion paper on how companies can follow the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).

Swept under the rug: Australia's biggest companies aren't taking climate change seriously enough. Credit:Simon Letch

The TCFD has set the standard for climate risk disclosure since its draft recommendations were released a year ago. Its final recommendations were backed by over 100 companies with a combined market capitalisation of over $3 trillion, which should give an idea to how seriously the TCFD is being taken.

But is it though? Market Forces has just examined the ASX top 50 companies’ responses to the TCFD. Only seven had delivered on the key recommendation to disclose information on how their company performs in a scenario where global warming is held below 2°C, while 31 don’t even mention the TCFD recommendations, let alone implement them.