TPG Telecom to be ‘100% renewable’ as founder David Teoh quits
Australian company TPG Telecom, which last year merged with Vodafone’s local operation, says it will be using 100% renewable electricity by 2025.
The company — not to be confused with US-based investor TPG Capital — says its renewable plan will include all of its fixed and mobile network infrastructure as well as its office buildings and its retail network.
“Our move to be powered by 100% renewable electricity meets a growing expectation of our customers and the wider community,” said TPG Telecom CEO Iñaki Berroeta (pictured).
“As a leading telecommunications services company, and a major user of electricity, we believe we have an important role to play in reducing greenhouse gas emissions to address the threat of climate change. It’s also an important step in our journey as we work towards aligning our business with the goals of the Paris Agreement.”
TPG Telecom brands include Vodafone, formerly Vodafone Hutchison Australia (VHA), as well as TPG, iiNet, Internode, Lebara, AAPT and Felix.
Yesterday’s announcement comes as TPG Telecom shareholders are still reeling from the resignation of founder David Teoh. Shares were trading at AU$6.23 late on Thursday, compared with AU$7.03 two weeks ago.
Berroeta implied that Teoh’s departure was expected: “With integration progressing well following last year’s merger between Vodafone Hutchison Australia and TPG, Teoh had decided to resign from the board.”
However, the departure came two weeks after Shane Teoh, son of the founder, was fined AU$1,500 in Sydney after pleading guilty to a charge of assaulting an Uber driver — after which the younger Teoh also resigned from the TPG Telecom board.
Another of the younger Teoh’s companies, Wylee Eyewear, was fined AU$3.5 million in September 2020 for making false representations about its charitable donations and affiliations. It claimed it would give a free pair of spectacles for every pair it sold. But in five years it sold more than 328,010 pairs but donated only 3,181 frames — without lenses.
Hong Kong businessman Canning Fok Kin-ning, an associate of Hutchison chief Li Ka-shing, will take over the chairmanship of TPG Telecom. Fok is a former chair of VHA.