The Aussie Tech Billionaire Who Bet Big Against Coal, Making Enemies At Home And Admirers In The U.S.

Yet, two months later, he was back again with his majority stake. Last year, with a similar approach, hedge fund Engine No. 1just a .02% stake in ExxonMobil and was able to win two board seats after convincing major investors like BlackRock and the New York State Common Retirement Fund that the oil company wasn’t doing enough to reduce its carbon footprint.

AGL, which provides power to 4.5 million consumers and emits 8% of Australia’s carbon, is in the process of closing down one coal plant in New South Wales. It has said it would close another in 2032, and a third plant in 2045. Following Cannon-Brookes’ announcement, the boardlast week that its plan to spin off the coal plants, while continuing to serve consumers through AGL, will cost the company $180 million, but would ultimately provide the best value to shareholders.

VanEck Australia, an investment firm that’s among AGL’s top 10 shareholders, is currently weighing whether to support Cannon-Brookes’ push to stop the demerger. “We are of the opinion that we would like to see the coal power stations shut as early as practical,” says Jamie Hannah, VanEck Australia’s deputy head of investments. But, Hannah adds, it remains unclear whether Cannon-Brookes has a cohesive plan to close the plants ahead of schedule.

Source: News Formal (newsformal.com)

God bless him !💚✊✊✊

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Aussie Tech Billionaire Who Bet Big Against Coal, Making Enemies At Home And Admirers In The U.S.Atlassian co-CEO Mike Cannon-Brookes is putting his money behind an effort to make Australia’s biggest power company stop spewing.
Source: ForbesTech - 🏆 318. / 59 Read more »

The Aussie Tech Billionaire Who Bet Big Against Coal, Making Enemies At Home And Admirers In The U.S.Though stronger than expected, the rate of inflation in April slowed for the first time in eight months, but experts still aren’t sure how long it will take for prices to return to normal levels—even if the worst has finally passed.
Source: Forbes - 🏆 394. / 53 Read more »

The Aussie Tech Billionaire Who Bet Big Against Coal, Making Enemies At Home And Admirers In The U.S.Atlassian co-CEO Mike Cannon-Brookes is putting his money behind an effort to make Australia’s biggest power company stop spewing carbon.
Source: Forbes - 🏆 394. / 53 Read more »

The clock is running out for Congress to pass Big Tech antitrust bills this yearAfter years of buildup about a regulatory crackdown against Big Tech, there is still no significant U.S. law and a real possibility there will be none for several years.
Source: MarketWatch - 🏆 3. / 97 Read more »

The Growing Global Movement For Fair Cost Recovery On Broadband NetworksPolicymakers realize that delivering Digital Equity means ending Big Tech's free ride.
Source: ForbesTech - 🏆 318. / 59 Read more »

Comcast and Charter Reveal Top Exec For Their Big Nationwide Streaming BetMarcien Jenckes will lead a 50:50 joint venture set to rollout a streaming platform on varied 4K streaming devices and smart TVs.
Source: THR - 🏆 411. / 53 Read more »