Oil company Santos admits business plan is based on 4C temperature rise

Chairman Peter Coates says company's plan is 'consistent with good value', but experts call it 'a breathtaking failure to come to grips with a world in transition'

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".