Australia News Live: Woodside Profit Triples Aided By Ukraine War Energy Price Boost; Perrottet Calls For End To Covid Vaccine Mandates

Australia News Live: Woodside Profit Triples Aided By Ukraine War Energy Price Boost; Perrottet Calls For End To Covid Vaccine Mandates

Activists say the Woodside climate report is false

Along with its earnings call (ka-ching), energy giant Woodside also released its annual climate statement, whether it's a drilling company or a fossil fuel company.

At last year's AGM, shareholders came closest to rejecting the company's 2021 climate report, with just 51% accepting it. This year's report is expected to be re-listed at the AGM and dismissed as a "failure" by Greenpeace , market forces and the Australian Center for Corporate Responsibility .

The company says:

Woodside is committed to growing in the energy transition by creating a low-cost, low-carbon, profitable, sustainable and diversified portfolio.

(“Low-carbon,” according to Woodside, is based on comparisons with “historical and/or current arrangements”).

Despite this, the company will reduce greenhouse gas emissions by 15% by 2025 and 30% by 2030. The company has committed $5 billion in targeted investments in new low-carbon energy products and services by 2030 to offset fossil fuel emissions.

Glenn Walker, Greenpeace Australia's head of defense and strategy in the Pacific, said that despite setting an "ambitious" zero target for 2050, Woodside had made no progress on plans to cut emissions.

walker said:

Woodside's climate report is a school assignment, essentially a review of last year's plan, that shows the company has no real commitment to reducing emissions.

Woodside is playing farm-house on an imaginary future increase in gas consumption, and this is in line with the model of credible energy analysts such as the International Energy Agency.

One of the company's planned projects is the Burp Hub gas project, led by Woodside, which will emit more than 6 billion tonnes of CO2 equivalent (or about 12 times Australia's national emissions).

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Will van de Paul, interim chief executive officer of Market Forces, said Woodside's plans "are not compatible with zero emissions by 2050".

"Woodside is pursuing a strategy that undermines climate action by paying large bonuses to executives to ramp up oil and gas production and develop new oil and gas projects," Van de Pool said, adding that market urges investors to "save capital". choose solutions. , voted against the company's compensation report and rejected candidates for re-election at the company's general meeting in April.

ACCR lead analyst Alex Hillman said fossil fuel companies like Woodside could see "big gains" in 2022, but those gains could be "short-lived" as energy markets accelerate the transition to renewable. .

hillmann said:

Today, Woodside remains attached to its ambitious 2021 climate plan, calling it a "consensus strategy."

Major investors confirmed that despite the company's overreliance on shareholders, Woodside plans to use the offsets to meet 100% of its 100% reduction goal.

Woodside executives are paying attention to the climate threat and it's time to call.

April will apparently be an opportunity to do bookkeeping.

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