August 14, 2020 Read More →

Activist shareholders move on from Whitehaven to Beach, Cooper

Energy News Bulletin: 

Activist shareholder group Market Forces intends to file shareholder resolutions against Beach Energy and Cooper Energy, saying there is no place in the market for pure play fossil fuel companies and their expansion plans would result in Australia failing to meet its Paris Agreement target.

The move widens activist shareholder pressure from the big end of town to Australia’s midcap arena, though during last year’s annual general meeting, Beach did field four climate-related questions.

The group has already filed resolutions on behalf of more than 100 shareholders against Whitehaven Coal, questioning their expansion plans and how they aligned with international emission reduction targets, and said Beach and Cooper were next. 

The Beyond 2C Scenario sets out a rapid decarbonisation pathway to achieve net-zero emissions by 2060. 

Market Forces and the Institute for Energy Economics and Financial Analysis believe this scenario falls well short of the Paris goals,  with only a 50% chance of limiting average future temperature increases to 1.75°C.

[Mark Tilly]

More: ‘No place’ for Cooper and Beach: Market Forces

Posted in: IEEFA In the News

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