Woodside Energy’s latest climate report has been graded a comprehensive fail by Greenpeace Australia Pacific, as it has once again failed to account for the company’s vast emissions from its gas exports.
Woodside’s Climate Report, released alongside its Annual Report today, revealed that the company has made almost no progress on plans to reduce emissions from its gas and oil operations, despite having set an “aspirational” net-zero by 2050 target.
Glenn Walker, Head of Advocacy and Strategy at Greenpeace Australia Pacific, said that Woodside’s investors should be concerned by the company’s continued failure to mitigate climate risk.
“Woodside’s Climate Report is a schoolboy effort, essentially a rehash of its previous year’s plan that betrays the company’s lack of genuine commitment to emissions reduction,” he said.
“Woodside has once again failed to account for the vast Scope 3 emissions from its fossil fuel exports, which account for around 90% of the company’s climate pollution, and is taking an equity only approach to its Scope 1 and 2 emissions.
“Woodside is betting the farm on a fantasy future increase in gas use that is utterly at odds with modelling from credible energy analysts such as the International Energy Agency. Woodside is cherry-picking data to suit its own narrative.
“Woodside investors should be incredibly nervous about the company’s cavalier approach to climate risk. They’re clearly not taking this seriously, and have no alternative vision for a climate constrained future. Shareholders roundly rejected Woodside’s Climate Plan last year and it’s disappointing to see the company has once again failed to pick up its socks.”
Woodside is facing increasing pressure about its controversial Burrup Hub gas project, which is set to release over six billion tonnes of climate pollution, making it the highest-emitting project currently proposed in Australia.
The company also faces scrutiny from other industrial sectors over the enormous emissions contribution its Burrup Hub project will make to proposed Safeguard Mechanism baselines, which would see the Burrup Hub exceed the allocated liquified gas emissions budget by 2030.
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Notes to editors
Please find a briefing on Woodside’s investor and climate risk, and detailed analysis of Woodside’s Burrup Hub’s contributions to Safeguard Mechanism baselines below for your information.