SYDNEY (AFP) – Energy company AGL, Australia’s largest gas exporter, announced Thursday that it will completely stop using coal by mid-2035, a decade ahead of schedule.
By that date, AGL will shut down the Loy Yang A Power Station coal plant, in eastern Victoria, which was one of the most polluting areas in the country, thus completing the abandonment of this energy source.
“This represents one of Australia’s most significant decarbonization initiatives,” said group chair Patricia Mackenzie.
Once all of its coal plants are closed, McKenzie said, the company will have a net balance of direct and indirect CO2 emissions.
Australia’s largest energy company came under heavy pressure last year from environmental groups and shareholders who are calling for a quick shift away from coal.
Its chairman argued that the decision to speed up decarbonization was reasonable for the company because it would allow the group “to access broader capital reserves and attract new investors”.
“We have listened to the parties, particularly our shareholders, as well as government and regulatory authorities in the energy sector,” he said.
© 2022 AFP
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