Cannon-Brookes says election reveals AGL coal plans untenable, as Forrest lays into Coalition

Fortescue Future Industries Chairman Andrew Forrest poses for a photograph in Sydney. (AAP Image/Bianca De Marchi)Fortescue Future Industries Chairman Andrew Forrest poses for a photograph in Sydney. (AAP Image/Bianca De Marchi)

Australia’s richest clear vitality advocates have seized on the gorgeous climate-driven federal election end result to keep up their respective assaults on AGL’s coal technique and the Coalition’s  “embarrassing” insurance policies.

Tech billionaire Mike Cannon-Brookes and iron ore billionaire Andrew Forrest have each been extremely vital of the fossil gas trade and the fossil-fuel pleasant insurance policies pursued by the Coalition, which had been emphatically rejected by the voters on Saturday.

The 2 billionaires are collectively funding early work on the world’s greatest sola and battery storage mission Solar Cable, whereas Forrest is committing billions to a extremely formidable inexperienced hydrogen technique.

Cannon-Brookes, in the meantime, has invested greater than $650 million constructing a blocking stake in AGL to attempt to power the corporate to shut its final coal fired energy station a decade sooner than deliberate, stated

“This was an election received and misplaced on local weather,” Cannon-Brookes stated of the outcomes which have eviscerated the Liberal Get together’s maintain in conventional metropolitan seats and seen main positive factors by local weather independents and The Greens.

.re-mid-article {min-height:250px;}

He tweeted that the push for stronger motion on local weather by votes throughout internal metropolis, suburban and rural seats, and the large swings to independents and the Greens delivered an “unbelievable, wonderful mandate.”

He then turned his consideration to his battle with AGL.

“Australians need motion and are asking for a stronger stance, as did AGL shareholders who voted for a Paris Settlement aligned future final 12 months,” he stated in a press release.

“The AGL Board ought to take note of its shareholders and the temper of the nation. A demerger plan that isn’t aligned to Paris targets just isn’t going to fly.”

AGL admitted in its merger doc that its coal closure plans usually are not in keeping with the Paris targets.

Neither are Labor’s local weather targets, despite the fact that they assume a share of renewables of greater than 82 per cent by 2030, which might end result within the closure of many extra coal fired energy stations.

“Final evening’s vote suggests Australia has its sights set on a brighter future and the alternatives that decarbonisation will deliver,” stated Cannon-Brookes. “AGL shouldn’t be left behind.”

Forrest, in the meantime, stated he anticipated to see a extra ahead leaning local weather change coverage from Australia which might speed up the change to inexperienced vitality.

“For a very long time Australia has been a local weather laggard. Frankly it has been embarrassing,” he stated in a press release.

“Our kids deserve our management, our understanding of science,  and admittedly they haven’t had it.

“Australia has the very best per capita coal emissions within the G20 – and on this planet – at 5.34 tonnes of CO2 per 12 months. The typical Australian emits 5x extra CO2 from coal energy than the typical particular person globally, and virtually 2x as a lot as the typical particular person in China.

“At Fortescue, we selected to take issues into our personal fingers to quickly transition to inexperienced vitality and to be the worldwide heavy industrial chief in decarbonising our firm. We would like different emitters to observe.”

We now hope to see a extra ahead leaning local weather change coverage from Australia. We’re pushing forward to show Australia right into a inexperienced vitality superpower.

Giles ParkinsonGiles Parkinson

Giles Parkinson is founder and editor of Renew Economy, and can also be the founding father of One Step Off The Grid and founder/editor of the EV-focused The Driven. Giles has been a journalist for 40 years and is a former enterprise and deputy editor of the Australian Monetary Overview.


Leave a Reply