The heads of seven green activist groups in the eastern states have urged AustralianSuper to either match the $30 billion investment “commitment” made by Brookfield as part of its takeover bid for Origin Energy, or stop blocking the deal.
In an open letter sent to Paul Schroder, CEO of the industry super fund, on Thursday, the chief executives of groups including the Nature Conservation Council of NSW, the Climate Energy Finance think tank and Environment Victoria say Brookfield’s intention to build 14 gigawatts of clean energy generation by 2033 through Origin would materially help Australia achieve its Paris climate goals.
AusSuper CEO Paul Schroder, who was sent the letter on Thursday. Eamon Gallagher
“Conversely, blocking this bid and the associated clean energy investment will cause significant harm to the long-term interests of your members and all Australians by locking in higher energy prices and more polluting forms of electricity generation for longer,” reads the letter, which was copied to AusSuper chairman Don Russell.
AusSuper, whose 16.5 per cent stake in Origin may be enough to ensure the deal fails to secure shareholder approval at the November 23 vote, reiterated its appetite to provide capital to help the energy supplier decarbonise.
“AustralianSuper is a long-term investor in the Australian economy and is open to providing capital to assist Origin as it prepares to transition over the coming decades, while delivering on our net zero commitment and our purpose to help members achieve their best financial position in retirement,” a spokesman said.
“The challenge facing the nation as we work towards net zero by 2050 is not a lack of capital but rather a shortage of good quality investment opportunities.”
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