AGL Energy Limited (AGL) today released a new Greenhouse Gas Policy, providing a pathway to decarbonisation of its electricity generation by 2050.
Managing Director and CEO, Andy Vesey, said the company recognised that it has a key role to play in gradually reducing greenhouse gas (GHG) emissions while providing secure and affordable electricity for over 3.8 million Australian households and businesses.
“Australia currently relies significantly on coal and gas to power its homes and industries with 88 percent of electricity produced from fossil fuels.
“To support the Commonwealth Government’s commitment to work towards the two degree goal1, companies such as AGL need to take the lead,” said Mr Vesey.
“This will be a measured process of decarbonisation, but one which I am proud to spearhead on behalf of AGL. AGL is the nation’s largest privately owned renewable energy investor and we will continue to invest in low-emissions technologies to reduce the emissions intensity of Australia’s electricity supply. It is important that government policy incentivise investment in lower-emitting technology while at the same time ensuring that older, less efficient and reliable power stations are removed from Australia’s energy mix. Decarbonisation and modernisation of Australia’s electricity system are important goals requiring effective policy.
“It will be an ongoing, progressive process, managing the efficient operations of our assets, and the transition of our people into new generation technologies and careers,” he said.Specifically, the revised GHG Policy states that AGL will:
Background information:
1 The Commonwealth Government has committed to work towards a global agreement that limits global warming to less than 20 C above pre-industrial levels.
2 The term conventional is used to refer to coal-fired power plants that have a higher lifecycle emissions intensity than a combined cycle gas turbine (CCGT).
About AGL.
AGL is one of Australia's leading integrated energy companies and is the largest ASX listed owner, operator and developer of renewable energy generation in the country. Drawing on over 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is taking action toward creating a sustainable energy future for investors, communities and customers.
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