Origin Energy Limited (Origin) intends to submit a non-binding advisory resolution on the company’s climate change reporting to shareholders at the 2022 Annual General Meeting.
Origin Chairman Scott Perkins said, “As a leading Australian energy company, Origin will continue to play a critical role in delivering the clean energy and technologies that will enable emissions reduction right across the economy.
“Origin has been planning for a low carbon future for a long time and has included climate strategy, climate change risk, and scenario analysis in our reporting for many years.
“The non-binding, advisory vote will complement the continuing conversations we are having with our shareholders and stakeholders about the risks and opportunities climate change presents for the business.
“In addition, Origin continues to progress work on the development of more ambitious emissions reduction targets consistent with a 1.5-degree pathway,” Mr Perkins said.
Origin has a strong track record of action on climate change, and in 2017 became the first Australian company to set independently verified science-based targets to halve Scope 1 and Scope 2 emissions and reduce Scope 3 emissions by 25 per cent by 2032.
Since then, Origin has introduced a short-term target to reduce Scope 1 emissions by 10 per cent on average between FY2021 and FY2023 from a 2017 baseline, and linked this target to executive remuneration. Origin’s long-term ambition is to be net zero emissions by 2050.
Origin has continued to add more solar and wind to its portfolio over recent years, and today renewables and storage account for almost 20 per cent of owned and contracted generation capacity. The company remains committed to closing its single coal-fired power station, Eraring, by 2032 or earlier.
Origin also continues to deploy technology and process optimisation to reduce emissions from gas operations and is applying its deep knowledge and expertise in major projects and natural gas supply chains to the development of new low and zero carbon fuels, particularly hydrogen.
Following consultation with shareholders and other stakeholders, Origin has also released a comprehensive annual review of its industry association memberships and their respective positions on climate change, which is available in the Governance and Policies section of Origin’s website: 2021 Industry Association Review.
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