Mike Cannon-Brookes

AGL in crisis

Australia’s largest electricity company has been thrown into crisis, suspending plans for a controversial demerger, following pressure from investors including tech billionaire Mike Cannon-Brookes

Chief executive Graeme Hunt and chairman Peter Botten have resigned, in addition to non-executive directors Jacqueline Hey and Diane-Smith Gander. It appears that investors are backing the change in leadership. Botten will step down once a replacement chairman is appointed, and Hunt will remain acting CEO until a new CEO and managing director is appointed. 

Mr Cannon-Brookes is leaving open the possibility of another takeover bid. 

Big four banks set to fail IEA Net Zero by 2050 

A banking summit attended by representatives of several of Australia’s big banks and financial institutions, including the Commonwealth Bank of Australia, Deloitte Access Economics, Westpac Institutional Bank and ING Australia, faced protest in Sydney today from climate disaster survivors and the Pacific Climate Warriors

Organised by 350.org, the protest marks the release of a scorecard showing that all four of Australia’s “big banks” are set to fail the International Energy Agency’s net zero by 2050 pathway for oil and gas lending. The analysis is based on a recent briefing paper from the Oxford Sustainable Finance Group.

Sydney Harbour’s largest island to be returned to Traditional Owners 

In a significant milestone for Indigenous land rights, a historical island in Sydney Harbour known as Me-Mel or Goat Island is being handed back to local First Nations peoples to “preserve, protect and share” the city’s cultural story.

The New South Wales government is committing $43 million to repair heritage buildings on the island before it is transferred to the traditional owners, Premier Dominic Perrottet said on Sunday. Upon completion, the public will be able to access the island to learn about First Nations heritage. 

“This is the cultural sacrament place of the Eora – this is the dreaming place for Sydney,” Nathan Moran, chief executive officer of the Metropolitan Local Aboriginal Land Council said.

The National Parks and Wildlife Service is calling for expressions of interest to join a committee making recommendations about the transfer. 

$1.5 million grants for EV charging stations in Victoria

Victorian businesses can now apply for a share of $1.5 million in grants to install electric vehicle charging stations, thanks to the Electric Vehicle Charging for Business Fleets program put forward by the Andrews Labor Government

The turn-over will flow on to the second-hand EV market, improving affordability and cutting the cost of living for the community. By switching to zero emission vehicles, businesses could save up to $500 per month per car in their fleet.

Developer buys up big in coastal Sydney fringes

Residential property developer and home builder Sekisui House Australia is acquiring three new sites across Sydney, in the Northern Beaches and Sutherland. The sites will offer over 40 energy efficient sustainable homes, set to accrue $150 million in end value.

The developments will bring together contemporary architecture, sustainable design and construction, and in-home lifestyle features. The aim is to respect the natural characteristics of the land, embody the existing water views and green surroundings. 

This follows the developers recent acquisition at Norwest, a $375 million master planned development in North West Sydney, and an agreement with Stockland earlier this year to design and construct over 330 homes across two of the business’ estates, Elara and The Gables, also located in North West Sydney.

Kilter Rural to donate water to Murray-Darling Basin wetlands

In a historical move, major Australian natural capital investment company Kilter Rural is donating 5.4 gigalitres of water to fill 21 high value wetlands across approximately 1600 hectares in the southern Murray-Darling Basin. 

The donation is a partnership between The Nature Conservancy Australia, Kilter Rural and the Murray Darling Wetlands Working Group provided through the $85 million Murray-Darling Basin Balanced Water Fund, which has delivered an annualised return of 14.1 per cent to its investors since inception. 

The water will be moved next financial year, in addition to 3.8 gigalitres donated this financial year. The company claims it is the largest private water donation in Australian history and will provide critical habitat for native water birds. 

Envirosuite expands EVS Water with deals in Australia, Spain and USA

Envirosuite Limited’s product EVS Water, launched in 2021, is already nearing $1 million in total sales, with global expansion spurring on growth. Recent customers include Water Corporation in Australia, the Public Utility Board of Singapore, DAM (contracted by the Catalan Water Agency) in Spain, and The City of Kalamazoo in the US. 

BAI Communications invests $20 million in Towards Carbon Neutral (TCN) 

Communications infrastructure provider BAI Communications has announced a $20 million investment in the Towards Carbon Neutral (TCN) program in Australia. The investment over five years will aid the communications provider in reaching a 65 per cent reduction of its absolute scope 1 and 2 emissions by 2030 from the 2010 baseline and achieve net zero emissions by 2040. 

The communications provider has previously invested in the replacement of high-power digital television transmitters with more efficient ones, the introduction of solar-powered sites in its broadcast transmission network, and the decommissioning of several broadcast services such as analogue television.

Leave a comment

Your email address will not be published.