What Happens When a Tech Billionaire Tries to Buy a Coal Giant?
May 13, 2025
Mike Cannon-Brookes is an Australian tech billionaire, the cofounder of the $60 billion software company Atlassian.
In 2021, Australia's largest coal company AGL announced plans to split into two companies, moving its fossil fuel assets into a separate business. Cannon-Brookes saw this move getting in the way of Australia's transition to clean energy.
At first, he tried to buy the whole company, then he tried again.
When that didn't work, he bought an 11 percent stake in AGL.
Cannon-Brookes argued the split would waste hundreds of millions of dollars while creating two weaker companies, both less capable of investing in Australia's energy transition.
His vision kept AGL whole, accelerated coal plant closures while investing heavily in clean energy.
Cannon-Brookes rallied shareholders to block the proposal to split the company. He was successful.
AGL conceded defeat, withdrawing the demerger proposal, which led to resignations from the CEO, chairman, and two board members. Shareholders later approved all four of Cannon-Brookes' nominees to the company's board of directors.
The transformed AGL announced a new multi-billion dollar renewable energy investment plan and brought coal plant closures forward by a decade.
We may not have billions to buy coal companies, but you have the same tools Cannon-Brookes used - voting your shares and filing proposals at the companies you own to advance what matters to you.
Catching our attention today
Republican tax bill aims to end $522 billion in pending clean energy investments, with GOP districts standing to lose the most. Read more
Vienna is taking bold climate action through mandatory solar panels, geothermal heating, and new climate laws while Austria's federal government backs away. Read more
Nearly 400 clean tech companies that received $100+ million grants under Biden are now considering leaving the US. Read more