Leading ‘green’ investor has placed $18 billion bid for Australian energy firm to accelerate net zero

Brookfield, one of the world’s largest ‘alternative’ asset managers, could buy one of Australia’s largest energy suppliers for $18.4 billion (US$11.82 billion), potentially accelerating the country’s net-zero push There is a nature.

Toronto-based Brookfield Asset Management, along with its affiliates, has submitted a bid to acquire Sydney-based Origin Energy for $9.00 per share.

Brookfield currently has $80 billion invested in Australia and has committed another $20 billion.

Stewart Upson, CEO of Brookfield Asia Pacific, said:

“Our business plan includes an additional investment of $20 billion by 2030 to build the required renewable capacity and storage, positioning Origin as Australia’s leading ‘green tailor’. . “

Origin Energy Chairman Scott Perkins said the company is “well-positioned” to benefit from a transition to net zero.

“While the due diligence process is underway, we remain focused on successful execution of our strategy,” he said. in a statement.

Businesses under pressure Australia

Canada’s Brookfield previously partnered with tech billionaire Mike Cannon Brooks in an attempt to acquire another major Australian energy company, AGL, to accelerate the energy transition. The offer was withdrawn after a few weeks.

Cannon-Brookes, however, will not give up on AGL and will influence the election of new directors at the next annual shareholders’ meeting, but still owns just 11% of the company’s shares.

The compounding pressure from climate change business activity on Australian energy providers will drive large-scale investment in renewable power generation such as solar panels, wind turbines and storage batteries.

However, one of the major concerns is whether the grid, which is largely supported by intermittent energy sources (meaning weather dependent), can support the needs of Australian homes and businesses.

In fact, the CEO of SnackBrands, a major snack food supplier, estimates his company would need 250 acres of solar panels to replace current gas usage while providing just six hours of electricity a day. increase.

Other experts say the state of the environment has been misrepresented by climate change activists, giving the public the impression that the situation is worse than it really is.

California-based ecomodernist Michael Shellenberger notes that the Great Barrier Reef’s corals have increased over the past 36 years, and says the environment is actually in the best shape it’s ever been. At the same time, the area of ​​land burned by forest fires has decreased by 25% globally since 2003. This is the size of the state of Texas.

“The death rate from natural disasters has plummeted. There are four times as many people in the world as there were 100 years ago. In the United States, the death toll has dropped by about 90%,” he told CPAC Australia.

Daniel Y. Teng


Daniel Y. Teng is based in Sydney. His focus is on national politics such as federal politics, the COVID-19 response and Australia-China relations. Any tips? Please contact [email protected]