Grossly negligent: Woodside called out for abandoning scope 3 emissions plans

Oil and gas giant Woodside has announced it plans to abandon its current scope 3 greenhouse gas emission targets, with the company claiming its climate objectives will be now guided by the pace of global energy transition.

The announcement comes as the company delivered a 27 per cent increase in net profit to $US1.67 billion despite lower production, citing a jump in prices caused by the global oil crisis due to the ongoing war in the Middle East.

According to the company’s latest presentation to stockholders, it plans to shelf investment of US$5 billion in new energy products and lower-carbon services by 2030 and take a financial investment decision on new energy products and lower-carbon services.

Woodside chief executive Liz Westcott said strong sustainability performance remains fundamental to the long-term success of the business and the company made good progress in key areas during the half.

“Having achieved our 2025 net equity scope 1 and 2 greenhouse gas emissions reduction target we remain on track to meet our 2030 target of a 30 per cent reduction against our baseline,” she said.

“We have taken the disciplined decision to retire our Scope 3 investment and emissions abatement targets.

“These targets were established in a different market context and based on a different expected pace of the energy transition.”

The Conservation Council of Western Australia labelled the move to abandon its scope 3 investments as “grossly negligent”.

CCWA executive director Matt Roberts said Woodside’s decision to dump targets for reducing emissions released when customers burn the gas it sells was a dereliction of its clean energy obligations.

“These emissions account for about 90 per cent of the company’s total climate impact and to walk away from its responsibility for the global climate carnage inherently caused by its product highlights its profits at all cost approach,” he said.

“Woodside’s gas is displacing renewables in Asia, as well as here in Western Australia. Woodside uses lobbyists and donations to secure government subsidies that keep the gas industry alive.

“It’s time they were held accountable and not allowed to cut and run at a time when the impacts of climate change have never been more prevalent in Australia and around the world.”

Meanwhile, the company said its Scarborough project off Karratha in the state’s Pilbara region is on track for first production before the end of the year.

“We continue to make excellent progress on the Scarborough energy project, which was 98 per cent complete at the end of the half,” Westcott said.