More than 40% of shareholders in Origin Energy have today supported a proposal calling on the Aussie power giant to align its capital expenditure with the Paris Agreement.
The hefty tally is another sign that investors are losing patience with the big power producers in the country. Last month, a similar proposal at Origin’s rival AGL Energy was backed by over half (55%) of shareholders. It too called for Paris-aligned climate targets, including around capital expenditure.
AGL is in the process of demerging its business, with its coal-based assets being spun off into Accel Energy and its renewables and gas power assets being held by AGL Australia.
In the summer, both AGL and Origin saw their share prices drop following warnings of weaker financial results in 2022.
US investment heavyweights BlackRock and Vanguard were among those to support the resolution at AGL, which was filed by Aussie campaigner group the Australasian Centre for Corp…