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Australian billionaire wants to buy coal energy company to stop coal power

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One of Australia’s richest men is trying to buy the coal-heavy energy giant AGL, hoping to stop coal power in the country.

IT billionaire Mike Cannon-Brookes has teamed up with Canadian fund manager Broofield for a bid for AGL, Australia’s largest and oldest energy company.

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The purpose is to accelerate the closure of the polluting coal power, in order to focus on renewable energy, writes The Age and other Australian media, reports NTB.

Energy Minister Angus Taylor is expected to comment on the matter on Monday, when the details of the bid are announced.

The board of AGL held a meeting on Sunday afternoon to discuss the offer, before they will make an announcement to the market on Monday morning.

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AGL’s coal-fired power plant accounts for about 8 per cent of greenhouse gas emissions in Australia. If Cannon-Brookes gets what he wants, coal power will be shut down by 2030, 15 years earlier than planned.

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