Agl Paris Agreement

Dan Gocher, the centre`s climate and environment director, said the closure of coal-fired power plants “on their dates of use” was not in line with the Paris climate change agreement, “with which the AGL says it is compliant.” “The Paris agreement is an agreement between countries, not an agreement that binds companies,” Hunt said after the annual shareholder meeting in Sydney, dominated by questions about AGL`s issue performance and its controversial proposed LNG import to Victoria. This is in direct contradiction to expectations expressed in an open letter recently published by investor groups representing assets under management of more than US$100 trillion, which calls for “assumptions made by companies when setting accounts in accordance with international financial reporting standards to be compatible with the Paris Agreement.” First State Super, which owns a stake in AGL, said it had been actively interested in the company for more than five years on how it was preparing for a low-carbon future. While the environmental and social imperative to move from coal to renewable energy as quickly as possible should be the reason why AGL is needed, there is also a strong financial case. Activist investor groups expressed disappointment that the AGL`s updated climate commitments had not been pursued, particularly with regard to the closing date of coal-fired power plants. “The prudent allocation of capital is a fiduciary responsibility of the AGL to its investors.” The maintenance of capital expenditure rose from 25% of total investment in 2013 to 72% (estimated) for the GJ20 2020. This distribution of investment indicates that the AGL maintains its coal-fired power plants at the expense of accelerating the transition. This is in line with customer demand for low prices and, at the same time, the transition to more low-carbon energy. “I think [Loy Yang A] has years and decades ahead of him… Since it is the cheapest thermal generator on the market, I think the market will still need it to provide stability and basic production as we go through the change. September 18, 2019 Market Forces in the Media: Op-ed in the Sydney Morning Herald by Julien Vincent, Executive Director, Market Forces One of the strongest signals to date was that Australian superannuation funds wanted strong measures to combat climate change. On the eve of this year`s G20 meeting in Japan… Read More But Market Forces Legal analyst Will van de Pol called the vote a “historic demonstration of investor support for real climate action by an Australian company.” Please take a moment to update the latest version.

Economic reporters for The Age and Sydney Morning Herald. AGL operates the Loy Yang A coal-fired power plant in Victoria`s Latrobe Valley.Credit:Justin McManus But said the company was driven by customer demands and that if there was a strong demand for carbon-neutral products, it could revise its schedule to close coal-fired power plants.