Media release

AGL says it won’t adhere to Paris Agreement

The Australasian Centre for Corporate Responsibility​ (ACCR) is commenting on AGL Energy’s (ASX:AGL) annual results and its response to ACCR’s shareholder resolution which calls on the company to set Paris-aligned targets.

The text of the resolution and supporting statement can be found here.

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

“In the same week the IPCC delivered its “final warning” to humanity via its Sixth Assessment Report (AR6), AGL has told its shareholders that it simply will not adhere to the Paris Agreement.

“AGL claims that it is “not in position to commit to develop the necessary replacement electricity generation capacity” to replace its coal-fired power stations.

“Unfortunately for AGL shareholders, the market will take care of replacing that capacity, which will make AGL’s coal-fired power stations unprofitable and destroy even more shareholder value.

“AGL shareholders have already suffered more than 70% in losses since 2017, and this feeble response from the board suggests there will be more losses to come.

“AGL saw a 34% decline in net profits after tax (NPAT) in FY2021. But these losses will pale in comparison to what lies ahead if AGL continues to do nothing.

“Just yesterday, AGL’s largest industrial customer - Tomago Aluminium - announced it would source the vast majority of its electricity from renewable sources by 2029, which is effectively the death knell for the Bayswater coal-fired power station.

“Investors must be questioning the competence of the leadership at AGL. The board has overseen absolute deterioration of shareholder value and seems intent on floundering by delaying the energy transition.

“AGL must commit to holding an annual general meeting for both demerged companies in 2022. If it attempts to delay annual meetings until 2023, shareholders should take action to remove directors.


ACCR filed a shareholder resolution to AGL Energy in 2020, calling for the early closure of its Bayswater and Loy Yang A coal-fired power stations, which was supported by >20% of shareholders, including the world’s largest asset manager, Blackrock.

AGL Energy - Electricity output by primary energy source

GWhFY18FY19FY201H FY21
Black coal22,76423,90024,92817,212*
Brown coal15,51714,64113,456
Landfill gas, biomass and biogas126230
Renewables share (%)8.5%9.8%10.0%11.9%

*All coal
**All renewables
Source:, 2021 Half Year Results

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

Bayswater Power Station13,80214,19614,041
Liddell Power Station7,8818,57510,012
AGL Loy Yang20,09318,79016,924
AGL Torrens1,5801,5021,277


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