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

Australia’s richest clean energy advocates have seized on the stunning climate-driven federal election result to maintain their respective attacks on AGL’s coal strategy and the Coalition’s “embarrassing” policies.

Tech billionaire Mike Cannon-Brookes and iron ore billionaire Andrew Forrest have both been highly critical of the fossil fuel industry and the fossil-fuel friendly policies pursued by the Coalition, which were emphatically rejected by the electorate on Saturday.

The two billionaires are jointly funding early work on the world’s biggest solar and battery storage project Sun Cable, while Forrest is committing billions to a highly ambitious green hydrogen strategy.

Cannon-Brookes, meanwhile, has invested more than $650 million building a blocking stake in AGL to try and force the company to close its last coal fired power station a decade earlier than planned.

“This was an election won and lost on climate,” Cannon-Brookes said of the results that have eviscerated the Liberal Party’s hold on traditional metropolitan seats and seen major gains by climate independents and The Greens.

He tweeted that the push for stronger action on climate by votes across inner city, suburban and rural seats, and the big swings to independents and the Greens delivered an “incredible, amazing mandate.”

He then turned his attention to his battle with AGL.

“Australians want action and are asking for a stronger stance, as did AGL shareholders who voted for a Paris Agreement aligned future last year,” he said in a statement.

“The AGL Board should pay attention to its shareholders and the mood of the country. A demerger plan that is not aligned to Paris targets is not going to fly.”

AGL admitted in its merger document that its coal closure plans are not consistent with the Paris targets.

Neither are Labor’s climate targets, even though they assume a share of renewables of more than 82 per cent by 2030, which would result in the closure of many more coal fired power stations.

“Last night’s vote suggests Australia has its sights set on a brighter future and the opportunities that decarbonisation will bring,” said Cannon-Brookes. “AGL should not be left behind.”

Forrest, meanwhile, said he expected to see a more forward leaning climate change policy from Australia which would accelerate the switch to green energy.

“For a long time Australia has been a climate laggard. Frankly it has been embarrassing,” he said in a statement.

“Our children deserve our leadership, our understanding of science, and frankly they haven’t had it.

“Australia has the highest per capita coal emissions in the G20 – and in the world – at 5.34 tonnes of CO2 per year. The average Australian emits 5x more CO2 from coal power than the average person globally, and almost 2x as much as the average person in China.

We now hope to see a more forward leaning climate change policy from Australia. We are pushing ahead to turn Australia into a green energy superpower.