Australia’s top polluter AGL faces push to accelerate coal-fired power exit
Source: The Age
6th August 2020
Australia’s heaviest greenhouse-gas emitter, AGL, will face a shareholder push to bring forward the closures of its remaining coal-fired power plants by at least 12 years to help limit the worst impacts of climate change.
In a new effort to align the energy giant’s plans with stronger climate action goals, investors will vote on a resolution demanding the closure of AGL’s carbon-intensive coal-fired generators in Victoria and New South Wales by 2036, much sooner than the intended 2048 retirement of its Loy Yang A plant in Victoria’s Latrobe Valley.
In June, AGL became the first major ASX-listed company to tie long-term executive bonuses to climate goals such as investing in more renewable energy assets and selling more “carbon-neutral” energy plans. But the company disappointed some environmentalists by making no mention of plans to bring forward forward the retirement of coal-fired power plants, the biggest source of its emissions.
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