AGL Energy going greener with launch of $3b renewable energy fund

Electricity major AGL Energy has taken its most decisive steps yet to reposition itself for a lower-carbon future, launching a $3 billion renewable energy project fund and investing $US20 million ($28.4 million) in a Californian solar and battery storage developer.

The latest moves come less than a week after the country's largest emitter of greenhouse gases announced it would quit natural gas production and caps what chief executive Andy Vesey describes as a "very significant strategic pivot" during his first 12 months in the role.