Super Switch | Call out AGL’s spin!

Call out AGL's spin!

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I was disappointed to learn that you hold shares in AGL Energy – Australia’s biggest carbon polluter. As a member of your fund I don’t want any of my money used to help fund the 38 million tonnes of CO2 emitted from AGL’s coal power stations every year. AGL markets itself to customers, shareholders and the media as a climate action champion. Whilst CEO Andy Vesey is saying many of the right things when it comes to tackling carbon emissions – the truth is that AGL plans to burn coal until 2050, far longer than the climate can cope. In 2016 we have seen alarming signs of a rapidly changing climate. From the coral bleaching events on the Great Barrier Reef, to devastating bushfires in Tasmania and the record breaking heat waves have swept across much of the Northern Hemisphere. All of these devastating events, and many more, are exacerbated by a rapidly warming planet. Modelling, supported by AGL, has shown that for Australia to meet its commitments under the Paris Climate Agreement power stations will have to close well before 2050 (1) and that failing to plan for a rapid transition will have significant consequences for shareholders and customers. Ahead of AGL’s AGM I ask that you meet with AGL’s executive and board to convey concerns about the company’s 2050 coal closure deadline and demand that the company detail a plan to get out of fossil fuel extraction and generation by 2025. If AGL is not able to detail how it will tackle this problem – I would expect you to divest from AGL. I see my super as an investment in a sustainable and prosperous future. Investing in Australia’s largest polluter does not sit well with this vision. I’m also concerned that there are a number of under-accounted liabilities that pose significant future risks to AGL. Recent analysis shows that AGL has significantly underestimated the cost of rehabilitating power plant and mine sites once they are closed (2). AGL’s power plants are also a major source of health damaging air pollution. It is estimated that coal generation in Australia costs $2.6 billion annually in health impacts (3). Will companies like AGL one day be forced to pay for the damage to public health their assets have caused? If so it’s shareholders who will foot the bill. Finally, I see AGL's reputation and brand at risk due to all of the matters above and another concerning behaviour by the company. Just last week a report showed that AGL contributed to the massive price spike in South Australia by strategically withholding supply and pushing up prices (4). I look forward to hearing how you will present these concerns to AGL’s executive and board. Yours sincerely,

Call out AGL’s spin!

AGL Energy uses savvy marketing and smooth talking spokespeople to present itself as a climate saviour. However, Australia’s number one polluter plans to keep burning coal until 2050!

In the lead up to AGL’s 2016 AGM community groups across the country will be exposing AGL’s greenwash through creative actions, talking with the company’s customers and supporting the work of local communities living near AGL’s polluting projects. Together they will demand AGL matches its greenwashed marketing with a plan to get out of fossil fuels in years not decades.

One of the most important voices that AGL will hear from around AGM season is its biggest shareholders. Most Australian Superfunds are major investors in AGL. So it’s crucial your fund hears that you are concerned about investing in Australia’s number one polluter.

Join the push for a Fossil Free AGL today!

Call out AGL's spin!

Call out AGL's spin!

Call out AGL’s spin!

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