Australia’s AGL to shut all coal plants by 2050

Australia’s AGL to shut all coal plants by 2050

AGL’s Loy Yang power station (Image by kezza |Shutterstock.com)

AGL Energy Ltd, one of Australia’s main energy companies, said Friday it will shut all of its existing coal-fired power plants by 2050 to curb greenhouse gas emissions, adding to a global slide in the fossil fuel’s popularity.

The firm, Australia's No.2 power retailer, added it would never again build or buy any coal-fired power plants, unless they come equipped with a carbon capture and storage facility.

“Australia currently relies significantly on coal and gas to power its homes and industries with 88% of electricity produced from fossil fuels,” chief executive Andy Vesey said, releasing the company’s new greenhouse gas policy.

AGL’s announcement comes just months after Vesey joined from the American company AES. He took over Michael Fraser, an enthusiastic supporter of fossil fuels who acquired coal assets such as Loy Yang power station in Victoria.