Sydney, 30 June, 2020: The Australiasian Centre for Corporate Responsibility (ACCR) is challenging AGL’s commitment to align its business with the goals of the Paris Agreement.
Its new Climate Statement lacks any new substantive commitments and most importantly fails to bring forward the closure of coal plants, which investors have long been asking of AGL.
Commenting on AGL’s climate statement and commitments 2020, Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:
“AGL will continue to feel investor pressure until it brings forward the closure of its coal fired power stations. Closing Bayswater in 2035 and Loy Yang in 2048 at their use-by-dates is not consistent with the Paris Agreement - with which AGL claims it is aligned.
“AGL has made no new commitments other than offering carbon offsets to its retail customers. Offsets are no substitute for simply not producing emissions in the first place.
“The urgency of ending Australia’s addiction to coal fired power is not reflected in this statement. The window of community and investor acceptability of burning fossil fuels to produce electricity is rapidly closing.
“While AGL’s intention to reward executives to reduce emissions is welcome, and consistent with ACCR’s asks of other heavy polluters, executives must not be rewarded for business as usual.
“Specifically, executives should not be rewarded for simply following through on commitments already announced, like closing the Liddell coal-fired power station in 2023.
“AGL’s commitment to “be transparent” is meaningless as we have seen with the Australian Energy Council’s successful campaign - funded by AGL and its peers - to delay the implementation of the 5-minute settlement rule until 2021. That delay only benefits the owners of large coal fired power stations, like AGL.”
Coverage of these statements
- AAP syndicated, 30 June 2020, AGL ties bonuses to emissions cuts
- ABC News, 30 June 2020, Energy giant AGL links executive pay to carbon reduction targets
- Australian Financial Review, 30 June 2020, AGL's new climate goals won't call time on coal until 2048
- The Guardian, 30 June 2020, AGL says it will link bosses’ bonuses to lowering emissions
- The Australian, 1 July 2020, AGL outlines early-exit pathways from coal power