SYDNEY, 28 July 2015: 350.org has called on AGL to keep its coal reserves in the ground and rapidly transition to renewables in light of a new report that shows the company owns major carbon reserves.

AGL came in 36 on the ‘Carbon Underground list’, which ranked companies based on the  potential carbon emissions of their reported reserves. AGL has a reported 2.144 GT of CO2 in reserves.

“AGL is talking the talk on climate action, but plans to continue burning coal until 2050. Today’s rankings show that will have serious consequences on a global scale,” said 350.org Australia campaigner, Josh Creaser.

“For AGL’s action to meet its talk the company needs to  commit to phase out its coal power stations within years – not decades – and a rapid transition to renewables.

“If AGL’s Board and CEO Andy Vesey are serious about climate action, then they should front up to the company’s AGM in September with a commitment to get out of coal in the next decade.

The report highlighted that carbon emissions remain over 460% of the global carbon budget, meaning that if all these reserves were burned it would be more than 4x the budget to remain below 2 degrees.

“If all the reserves identified on this list were dug up and burned the planet would cook. AGL, and and the other Australian companies on the list have a responsibility to keep fossil fuels in the ground.”
Media contact: Cambell Klose 0490 436 948