Origin's climate transition plan gets over the line at AGM
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The news: Origin Energy's Climate Transition Action Plan (CTAP) for 2025 was supported by 94.67% of shareholders at its Annual General Meeting (AGM) on Wednesday.
The context: All resolutions tabled at Origin's AGM were supported by shareholders, after proxy advisors CGI Glass Lewis and ISS both recommended they vote in favour of them. This included the resignation of director Maxine Brennan, electing two new directors Fiona Hick and Stephen Mikkelsen, re-electing two directors and adopting the remuneration report.
Also carried were motions on a non-executive director share plan and an increase in their total remuneration, and the granting of shares to managing director and chief executive Frank Calabria.
Origin shareholders also voted for the company's last CTAP in 2022. The 2025 plan shows that Origin's Scope one to three emissions were 45.1 million tonnes of CO2 equivalent for 2024-2025, which was the same as the prior year.
Origin is due to shut down its Eraring Energy coal plant — its sole coal asset — by mid-2027 and by 2029 at the latest, according to an agreement it made with the NSW government. It is busily building out battery storage assets and is considering bringing forward a new gas peaker project to plug the generation gap that will be left after Eraring retires, but a spokesperson said the economics needed to be better and that new government policy to pay gas plants for switching on would be needed to make a project stack up.
While Origin shareholders supported the 2022 and 2025 CTAPs, its targets and timescales are less ambitious than some climate activist groups would like.
The source: ASX
