Media release

AGL ignores majority of shareholders, fails to set Paris-aligned targets

The Australasian Centre for Corporate Responsibility​ (ACCR) is commenting on the demerger scheme booklet published by AGL Energy (ASX:AGL) today.

In 2021, ACCR’s shareholder resolution to AGL Energy requesting the company include Paris-aligned targets for both demerged entities—Accel Energy and AGL Australia—in the demerger scheme documents, was supported by 54% of shareholders.

The demerger scheme booklet published today includes the following targets (Sections and

Accel EnergyAGL Australia
Reduce operational emissions by 18% by 2025 (2019 levels)
Reduce operational emissions by 55% by 2035 (2019 levels)
Net zero operational emissions by 2047
Reduce emissions by 50% by 2030 (Scopes 1, 2 & 3, 2019 levels)
Net zero emissions by 2040 (Scope 1, 2 & 3)

The demerger scheme booklet does not satisfy the request of ACCR’s 2021 shareholder resolution. ACCR is therefore opposed to the demerger.

Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:

“AGL has ignored the majority of its shareholders by failing to set Paris-aligned targets for Accel Energy in its demerger scheme documents.

“In the absence of further detail on AGL Australia’s Scope 3 emissions, particularly its electricity offtake arrangements and upstream gas emissions, it is difficult to determine whether its targets are Paris-aligned.

“Alignment with the Paris Agreement across both demerged entities was a fundamental demand of a majority of AGL’s shareholders less than a year ago.

“We don’t expect AGL’s largest shareholders will take well to being ignored. According to the IEA and the IPCC, alignment with the Paris Agreement means closing coal-fired power stations in OECD countries by 2030.

“While AGL has tiptoed towards Paris alignment, by bringing forward the closure of Bayswater to 2033 and Loy Yang A to 2045, it is simply not moving quickly enough.

“AGL has underestimated the pace of the energy transition for years, and shareholders have paid the price.

“The board of AGL is asking shareholders to trust them with the demerger. This is the same board that has not invested a cent in additional clean energy since 2016.

“AGL’s recently announced Energy Transition Investment Partnership with Global Infrastructure Partners is too little, too late. AGL should be planning and investing on a scale five to ten times larger than what it announced this week.

“Other than Graham Cockroft and Vanessa Sullivan who joined the board this year, no other director has purchased shares in the company since 2020.

“The board of AGL continues to gamble with other people’s money.”


Armina Rosenberg, who sits on ACCR’s Office Bearers’ committee, is also a portfolio manager at Grok Ventures. Grok Ventures is a business name used by the private investment group controlled by Mike Cannon-Brookes. "Grok Ventures" is a registered business name of Cannon-Brookes Services Pty Limited (ACN 616 170 542) (CBS). An affiliate of Cannon-Brookes Services Pty Limited, the Galipea Partnership, is the holder of a 11% interest in AGL. This potential conflict has been disclosed and Ms Rosenberg has had no role in ACCR’s decision-making on this matter. Ms Rosenberg is currently on parental leave.

AGL Energy - Electricity output by primary energy source

Black coal22,76423,90024,92820,416
Brown coal15,51714,64113,45615,011
Landfill gas, biomass and biogas1262300
Renewables share (%)8.5%9.8%10.0%12.0%


AGL Energy - Operational greenhouse gas footprint (material sites and fuels)

Bayswater Power Station13,80214,19614,04112,870
Liddell Power Station7,8818,57510,0127,110
AGL Loy Yang20,09318,79016,92419,365
AGL Torrens1,5801,5021,277971


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