Atlassian Co-Founder Wants To Buy Australia's Biggest Polluter To Make It Greener

Mike Cannon-Brookes thought Australia's biggest polluter wasn't doing enough to curb its greenhouse gas emissions, so he sought to buy the company. From a report: Mr. Cannon-Brookes, the co-founder of Nasdaq-listed software company Atlassian teamed up with Canada's Brookfield Asset Management to try to acquire electricity generator AGL Energy Ltd., in a proposal valued at more than $3.5 billion. Central to their ambition is a plan to shut AGL's coal-fired power plants years ahead of schedule and replace them with renewable energy. AGL, which the Australian government's Clean Energy Regulator says is Australia's largest emitter of greenhouse gases, said Monday that it had rejected the takeover proposal as too low.

The company plans to close the last of its coal plants by 2045. Mr. Cannon-Brookes and Brookfield, whose head of investing in low-carbon technology is former Bank of England Gov. Mark Carney, say they can make AGL a net-zero emitter by 2035. 'AGL accounts for over 8% of Australia's emissions,' Mr. Cannon-Brookes said. That is more than the current emissions of Australia's domestic aviation industry and fleet of jets flying on international routes, or every car on the country's roads, he added.

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