Just 4% of Whitehaven Coal’s shareholders have voted for a resolution asking the Australian firm to explain how it will wind down its operations to align with the goals of the Paris Agreement. Aviva Investors is among the shareholders that backed the resolution, a spokesperson told RI, after the AGM was held virtually today.
Filed by Market Forces, an advocacy group affiliated with Friends of the Earth, this is the first in a series of shareholder climate proposals at pureplay coal firms that have "no place in a decarbonised economy”, according to Market Forces. The group argues that these firms must propose organised exit strategies from coal to avoid harming shareholder value.
The same resolution has been filed at Beach Energy, Cooper Energy and New Hope Coal, whose AGMs will be held in November.
Market Forces argue that as coal power must be phased-out globally by 2040 to meet the Paris goals, about two thirds of Whitehaven’s therma…