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(The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
LAUNCESTON, Australia, May 30 (Reuters) - Two seemingly unrelated events have shown how the world's path to de-carbonisation is likely to be uneven and vastly different in developed and developing countries.
Australia's largest power producer pulled the plug on Monday on plans to split itself into a largely coal-fired generation company and a retail electricity company.
Coal India, the world's largest coal mining company by volume, meanwhile plans to import the polluting fuel for the first time since 2015, amid a shortage of domestic supplies that has raised concerns about power outages.
These two pieces of news illustrate the dynamics of de-carbonisation and the difficulty of reaching a global target of net-zero emissions by 2050.
Australia's AGL Energy accounts for about 8% of the nation's carbon footprint, mainly by operating several large and ageing coal-fired power plants in the heavily populated southeastern states of Victoria and New South Wales.
It had said its plan to separate into a generation company and a retail arm made economic sense but the move was criticised by environmental activists as allowing its coal-fired power plants to operate for decades to come.
One such activist was tech magnate Mike Cannon-Brookes, and, after his initial offer to buy AGL and take the utility private was rebuffed, he became the top shareholder, with an 11.3% stake.
His opposition to the demerger, coupled with that of some other shareholders, led AGL's board to conclude it didn't have the required 75% shareholder support for the move; the plan was abandoned on Monday.
Not only did AGL scupper its proposal; Chief Executive Graeme Hunt and Chairman Peter Botten said they would step down, and the company would review its strategic direction.
That strategic review is likely to show a quicker path to de-carbonisation, especially if Cannon-Brookes gets his way and is awarded two seats on AGL's board.
Cannon-Brookes and Canada's Brookfield Asset Management, in their initial takeover bid for AGL, had proposed a faster shutdown of coal-fired generators by 2030, rather than the company's planned 2045.
They also proposed to invest A$20 billion ($14.3) in renewable energy and storage solutions, timed to be on line before the closure of the coal generators.
In other words, Cannon-Brookes wanted to accelerate AGL's switch to renewables without compromising electricity supply and security.
There are still doubts as to whether this can be done profitably, but, as AGL's scrapping of its demerger plan shows, the pressure will be increasingly on companies to do more to de-carbonise, at least in countries where there is access to capital.