Origin to adopt shareholder advisory vote on climate change

Australia’s Origin Energy on August 6 said it intends to submit a non-binding advisory resolution on the company’s climate change reporting to shareholders at the 2022 annual general meeting.

“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,” chairman Scott Perkins said. “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.”

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Perkins added that Origin continues to progress work on the development of more ambitious emissions reduction targets consistent with a 1.5-degree pathway.

Origin 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% by 2032. Since then, Origin has introduced a short-term target to reduce Scope 1 emissions by 10% 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.

The company said it has continued to add more solar and wind to its portfolio over recent years, and today renewables and storage account for almost 20% of owned and contracted generation capacity. The company remains committed to closing its single coal-fired power station, Eraring, by 2032 or earlier, it said.

Origin said it will continue to deploy technology and process optimisation to reduce emissions from gas operations and is applying its knowledge and expertise in major projects and natural gas supply chains to the development of new low and zero-carbon fuels, particularly hydrogen.