KarunaNews Story

Frustrated with the government's pace of addressing climate concerns, billionaire Mike Cannon-Brookes had made a bid to buy AGL, an electric company that owns three of Australia's total 16 coal plants. All so he can shut them down for good and replace them with renewable energy plants. The 42-year-old tech entrepreneur's plan is designed to help the country transition to renewable energy. If he wins the bid, Cannon-Brookes plans to spend $20 billion on replacing these coal plants with renewable energy plants; however, it's not yet clear if he will succeed. Prime Minister Scott Morrison opposes the bid, saying that it will sharply increase electricity prices. The billionaire refutes this claim, noting that the notice period for closure is eight years, which gives ample time for the market to prepare for changes.