AGL is Australia's biggest climate polluter. Don't lend them a hand.
AGL is Australia’s number one climate polluter. Despite marketing itself as a green energy leader, 83% of the power AGL generates comes from three highly polluting coal-burning power stations. They plan on mining and burning dirty climate-polluting coal right up until 2048.
According to the United Nations and International Energy Agency, Australia must stop burning coal by 2030 if we are to meet our goals set out under the Paris Agreement and reach net zero emissions by 2050. Coal is the biggest driver of our climate crisis and AGL needs to stop burning coal by 2030 to avoid the devastating effects of climate change.
The dirt on AGL & Accel Energy.
AGL’s coal-based business model is failing as consumer demands change and cheap renewable energy floods the system. The company has already lost about $12 billion in shareholder value and wiped off 70% of its market value since 2017. In short, AGL’s financial future looks dire.
Rather than reducing their climate and financial risk by transitioning to renewable energy, AGL has doubled-down and proposed a demerger which would hide their coal-burning assets behind a new company. To fund their Accel Energy demerger, AGL is looking to Australian banks for an $800 million loan.
It’s a risky and dirty investment.
Where does your bank stand on climate?
Australia’s big four banks have a poor track record of matching their climate policy and rhetoric with action. They also rank far behind international peers when it comes to climate policies and lending to the fossil fuel sector. All of the big four banks have climate commitments supporting the Paris Agreement yet have lent money to AGL in recent years.
If your bank retains an outdated climate policy and funds Accel Energy, you will be exposed to high climate-related risk and continue to fund devastating climate change.