Woodside: all spin, no substance on climate

The Australasian Centre for Corporate Responsibility​ (ACCR) is commenting on Woodside Energy Group’s Investor Briefing Day 2023.

Alex Hillman, Lead Analyst at the Australasian Centre for Corporate Responsibility (ACCR) said:

“Today’s Investor Briefing shows Woodside’s response to persistent shareholder concerns about its lack of a credible climate plan is to throw on a splash of gloss and hope that investors are fooled.

“Woodside's growth portfolio is not well placed for the low carbon transition and to try and dress it up as such is farcical.

“Woodside’s plan to spend $5bn of investor funds on ‘new energy’ is visibly struggling. Its first major ‘new energy’ project, H2 Oklahoma, is on hold whilst it tries to find customers and pleads for more subsidies.

“Fresh off the harrowing events of the Qantas’ AGM last week, investors could have reasonably expected that Woodside Chair Richard Goyder would have learned the lessons of doing too-little too-late.

“Investors have consistently told Woodside that its climate plan isn’t up to scratch - inflicting the world’s largest vote against a company climate plan in 2022 and a record-breaking vote against an incumbent director at this year’s AGM.

“Yet despite these startling results, Woodside has once again failed to bring anything of substance to the table.

“This is a company that doesn’t listen, led by a board that lacks the agility and skill-set to properly confront the risks and opportunities of the energy transition.”