Woodside uses war profits to double gas during transition

The Australasian Center for Corporate Responsibility (ACCR) comments on the half-year 2022 results of Woodside Energy (ASX:WDS), which saw profits increase by more than 400%. At Woodside’s 2020 Annual General Meeting, 50% of investors called for aligned climate goals in Paris. At the 2022 AGM, 49% of investors voted against Woodside’s climate report.

Alex Hillman, Principal Carbon Analyst at the Australasian Center for Corporate Responsibility (ACCR), said:

“Despite supercharged profits, Woodside continues to dither in its energy transition.

“This stands in contrast to repeated so-called commitments to the Paris target of keeping warming well below 2 degrees.

“Rather than investing its profits in fossil fuels to transition its business, Woodside has doubled its investment in oil and gas.

“Gas is not the solution. This is the problem.

“The only mention of low-carbon technology in today’s announcement is to use carbon capture and storage to try to justify the advancement of the massive Browse gas field. Browse has already been rejected by local communities and even the Woodside Board of Directors.

“As Woodside continues to ignore investor demands, it’s time for them to appoint climate-savvy directors.

“Following the 49% vote against its climate plan, Woodside needs a strategy that aligns with climate science and allocates capital accordingly. Failing that, investors should be prepared to vote against directors at the 2023 Annual General Meeting.”