Following a strong start to the week, Origin Energy Ltd (ASX: ORG) is slipping in late afternoon trading. This is its second consecutive day of losses.
The Origin share price is down 1.84% at the time of writing, leaving shares flat for the full week.
Shareholders to vote on climate change reporting
This morning, in an ASX release unlikely related to Origin’s share price sliding today, the energy company revealed it will submit its climate change reporting for a shareholder advisory vote. That vote will occur at its 2022 Annual General Meeting (AGM).
Commenting on the upcoming vote, Origin’s chairman Scott Perkins said:
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.
Origin is looking to reduce carbon emissions across Australia’s economy by delivering clean energy and technology solutions.
“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,” Perkins said.
“In addition, Origin continues to progress work on the development of more ambitious emissions reduction targets consistent with a 1.5-degree pathway.”
According to the release, in 2017, Origin became the first Aussie company to set science-based targets to cut its Scope 1 and Scope 2 emissions by 50% by 2032.
The company also adopted measures to lower its Scope 3 emissions by 25% over the same timeframe.
To achieve these goals, the company has added additional solar and wind power generation. It reports that renewables currently account for almost 20% of its owned and contracted generation capacity.
With longer-term ambitions to be net zero emissions by 2050, Origin reiterated its intent to close its last remaining coal-fired power station in or before 2032.
Origin share price snapshot
The Origin share price has been on a bit of a rollercoaster this past full year.
With more downs than ups, the Origin share price has lost 26% over the past 12 months. This compares to a gain of 24% on the S&P/ASX 200 Index (ASX: XJO).
Year to date, the Origin share price has continued to struggle, down 11.7% in 2021.
The post Origin (ASX:ORG) share price falls as climate goals put to shareholder vote appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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