High-emitting companies are significantly exposed to physical climate hazards and unprepared for change, according to a global report released on Tuesday.
Of 5000 companies and their two million corporate offshoots, the Moody's ESG Solutions report found most had more than 30 per cent of their facilities exposed to both heat stress and water stress.
"These hazards will carry implications for public health with rippling impacts on labour productivity and business costs," the report found.
The industrial transformation required by the move to net zero carbon emissions is expected to radically change how economies are structured, how companies operate and how people live and work.
But companies were found to be unprepared for the coming disruption to workforces, supply chains, communities and consumers.
Critical carbon-intensive sectors including energy and utilities, building materials, food, forest products, industrial goods, transport and logistics, and travel and tourism were found to have weak or limited scores.
Nor were health systems expected to cope as climate change ramps up pressure on hospitals.
Calls for a "just transition" were expected to rise up the agenda for governments, companies, investors and civil society.
Most of Australia's biggest emitters are electricity generators, followed by the transport sector.
But indirect emissions from the use of Australian fossil fuel exports could be responsible for more than 10 per cent of global greenhouse gas emissions by 2030, according to the Net Zero Momentum Tracker.
Net zero targets between 2050 and 2070 cover nearly 90 per cent of global emissions, including the four largest emitters - China, United States, European Union and India.
The International Energy Agency has estimated up to 15 million jobs will be created in new activities linked to investment in clean energy such as vehicle making and energy utilities, and up to five million jobs will be lost from fossil fuel-linked sectors.
But Australia did not join allies, including the US and United Kingdom, who at the Glasgow climate conference became signatories to a just transition agreement.
