AGL to report emissions targets

AGL companies will report their progress in reducing carbon emissions following sustained shareholder pressure.

AGL on Thursday said its two proposed demerged companies would give investors a say on climate reporting at their 2022 annual general meetings.

AGL Energy chair Peter Botten said the companies will publish their progress in meeting decarbonisation targets, as well as climate change roadmaps.

The energy group is proposing to split its business. One company, called Accel Energy, would continue operating coal-fired power stations to generate electricity.

The other business, AGL Australia, would use low carbon-emitting technologies to provide consumers electricity, gas, internet and mobile services.

Concerns about climate change, shifts in government policy and cheaper technology have prompted the decision to split the business.

The Australasian Centre for Corporate Responsibility is one of the groups to lobby the business to act more quickly on climate change.

The centre’s director of climate and environment Dan Gocher said investors would be sceptical of AGL’s efforts until it published carbon emissions targets.

Shares were down 0.06 per cent to $7.90 at 1156 AEST.