Woodside uses war profits to double down on gas over transition

The Australasian Centre for Corporate Responsibility​ (ACCR) is commenting on Woodside Energy (ASX:WDS) half year 2022 results, which saw profit increase more than 400%. At Woodside’s 2020 AGM 50% of investors called for Paris aligned climate targets. At the 2022 AGM, 49% of investors voted against Woodside’s Climate Report.

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

“Despite turbocharged profits, Woodside continues to procrastinate with its energy transition.

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

“Rather than invest its fossil fuel profits to transition its business, Woodside has doubled down on more oil and gas.

“Gas is not the solution. It’s the problem.

“The only mention of low carbon technology in today’s announcement is to use carbon capture and storage in an attempt to justify progressing the massive Browse gas field. Browse has already been rejected by local communities and even Woodside’s board.

“With Woodside continuing to ignore investor demands, it’s time for investors to appoint climate competent directors.

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