Atlassian billionaire Mike Cannon-Brookes unleashes AGL as ‘one of the most toxic companies in the world’
Atlassian billionaire Mike Cannon-Brookes unleashes AGL as ‘one of the most toxic companies in the world’
- Aussie billionaire criticized energy supplier over carbon emissions
- Michael Cannon-Brookes took aim at AGL; has a 10 percent interest
- Claimed that the company emits more than some countries
One of Australia’s richest men has criticized one of the country’s largest energy suppliers, in which he owns a 10 per cent stake, as ‘toxic’ for the environment.
Speaking at the Climate Governance Forum on Friday, Atlassian co-founder Mike Cannon-Brookes took aim at AGL for its national carbon emissions.
The tech tycoon claimed the company has “more emissions than the whole country of Portugal or the whole country of New Zealand.”
He would also describe the company as “one of the most toxic companies in the world.”
Cannon-Brookes spent about $700 million of his estimated $19 billion net worth buying a 10 percent stake in AGL late last year before attempting to reform the company.
The energy supplier posted a $1.26 billion pullback in the past fiscal year as it transitions to lower-emission energy production.
Atlassian co-founder and CEO Mike Cannon-Brookes (pictured) said AGL energy “has more emissions than the whole country of Portugal or the whole country of New Zealand”
Mr Cannon-Brookes told the forum, organized by the Australian Institute of Company Directors, that the energy supplier was a ‘motionless thing’ when it bought in.
He was concerned about the company’s direction after environmental, social and governance (ESG) scores were “high.”
After joining the board, Mr. Cannon-Brookes claims he was almost laughed at for his belief that the company needed a transition before he was taken seriously.
“We were quite unashamed to force that transition,” he said, according to The Australian.
Cannon-Brookes said nominating five of its nine directors since joining the company was necessary so that AGL could “embrace the new opportunities” to move to a lower-carbon future as part of its business transformation.
He went on to say that the company has since had “fantastic opportunities to lean in and take advantage of.”
AGL’s annual report for fiscal year 2022-23 outlined the company’s plans to transition to renewable energy.
“We are committed to transforming our portfolio to support a low-carbon world, and will seek to meet our customers’ energy demands,” the report said.
After purchasing a 10 percent stake in the company, Cannon-Brookes urged the company to move to renewable energy sources (stock image)
“We also recognize that the flexibility, availability and reliability of our current generation fleet will be critical as we look to leverage strong operating cash flows from our low-cost generation position to help fund our company’s transition.
“As we transform our energy portfolio, AGL intends to seek the most efficient way to source and amplify the energy needed to meet our customers’ energy demands.”
The company closed Liddell Power Station, near Muswellbrook in NSW, in April and plans to close Bayswater Power Station and Victoria’s Loy Yang Power Station in the mid-2030s.
It also committed to large batteries to store energy, and both onshore and offshore wind and solar energy projects along the east coast of the country.