Some of Australia's largest companies are actively working to undermine the targets set by the Paris Climate Accord, according to an analysis from an independent investor's activist group.

"A handful of Australian companies are undermining efforts to limit global warming by pursuing new fossil fuel projects, or basing their business plans on energy projection scenarios that would doom the Paris agreement to failure," read the report from the investor action group Market Forces.  "These companies have now been given more than three years to align their business with the Paris goals, but have dismissed the notion."

The report is the first time Market Forces had "named names" to call out companies whose business strategies relied on the world failing to meet the Paris targets to restrict the global temperature rise to 1.5 C degrees above pre-industrial levels. 

Coal companies Whitehaven and New Hope come under criticism, the latter company for planning to open new coal mines or expand old ones based on forecasts of the Paris Agreement failing.

The report also criticized oil and gas companies Woodside, Santos, and Oil Search for planning to increase fossil fuel production, ignoring "increased investor engagement over climate change in recent years" urging them to change.

AGL, Origin, and BHP were not on the list because they demonstrated progress towards aligning their goals with Paris.