A non-binding advisory resolution on Origin Energy’s climate change reporting will be submitted 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.”
In 2017, Origin 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 before June 2023, and linked this target to executive remuneration. Origin’s long-term ambition is to have 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.