Chairman of Origin Energy highlights the role of good governance in Australia’s transition to a lower emissions future
ASX/Media Releases
06 Aug 2008
Speaking on climate change and its impact on the Australian economy, directors and business, at the Australian Institute of Company Directors today, Origin Energy Chairman, Kevin McCann said, “Climate change policy isn’t just about the Green Paper and the Carbon Pollution Reduction Scheme. It is one of the most significant reforms of our time, both domestically and globally and it is highly complex.”
“The Carbon Pollution Reduction Scheme (CPRS) and other climate change initiatives will create a new market worth billions of dollars per year and will generate opportunities across the economy. It will impact all Australian businesses in one way or another.”
“As directors we are all aware of the role that good governance will play in a transition as complex as this, both within our own companies and for Australia as a whole. We should be engaging with government, not only about how our industries will be impacted by the CPRS, but also about good governance.”
“The transition to a lower emissions economy will involve many decision makers, not just across schemes, but across departments and the States. Understanding the processes that will help deliver co-ordinated outcomes is very important to success of the CPRS.”
“With billions of dollars of investment at stake, we also feel that, where possible, decisions should be left with an independent regulator. Professor Garnaut compared this role to the role of an independent central bank. We think this is an apt comparison that deserves consideration.”
“We support the policy decision that an emissions trading scheme is to be at the heart of the Government’s plans and that a trading scheme is the best mechanism to move to a low-carbon future,” Mr McCann said.
“For that mechanism to attract large-scale expenditure, we need to work with government to ensure that the investment environment is as reliable and certain as it can be.”
Kevin McCann’s speech at the Australian Institute of Company Directors: Climate Change - its impact on the Australian Economy, Directors and Business (pdf).
MediaMichelle Hindson
Acting General Manager, Corporate Communications
Ph: 02 8345 5217
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Investors
Angus Guthrie
Manager Investor Relations
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About Origin Energy
Origin Energy is Australasia’s leading integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. Listed in the ASX top 25 the company has over 3,500 employees, is the largest holder of gas reserves in eastern Australia and is the second largest energy retailer in Australia, servicing over 3 million electricity, natural gas and LPG accounts. Origin’s strategic positioning and portfolio of assets provides flexibility, stability and significant opportunities for growth in the ever changing energy industry. Origin is also the major shareholder in Contact Energy of New Zealand. The company has a strong focus on ensuring the sustainability of its operations, and in 2007 the company received the Ethical Investor 2007 Sustainable Company of the Year award.