The Australasian Centre for Corporate Responsibility (ACCR) is criticising the Santos final investment decision (FID) to proceed with its Barossa gas project offshore the Northern Territory.
Commenting on the FID announcement, Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:
“The Barossa gas field is a carbon bomb, with carbon dioxide (CO2) content of 18-19%. These emissions will simply be vented offshore.
“Santos claims that it will ‘investigate opportunities for carbon-neutral LNG’—a dangerous misnomer which must be called out. If it were that easy to reduce emissions, we would not be facing the prospect of dangerous climate change.
“As has become the norm, Santos talks of potentially capturing carbon, and potentially developing hydrogen projects. Until Santos reaches FID on these projects, they’re nothing more than thought bubbles.
“CEO Kevin Gallagher has previously claimed that carbon dioxide could be ‘piped in’ to be captured at Moomba, in order to generate carbon credits. Investors need to interrogate this further.
“Santos increased its operating emissions by more than 30% in 2019-20, and Scope 3 emissions by more than 16%. This company is not committed to the Paris Agreement, but to climate chaos.
“Institutional investors are demanding credible transition plans. Santos continues to fail on this measure.”