The Australasian Centre for Corporate Responsibility (ACCR) is commenting on Woodside Petroleum’s (ASX:WPL) 2021 Climate Report, including its plan for Scope 3 emissions, published today. The Scope 3 emissions plan includes:
- Investments in “new energy” and “lower-carbon services”
- Support for customer and supplier emissions reduction
- Promotion of global measurement and reporting
In 2021, Woodside’s Scope 3 emissions were 37.2 Mt CO2e (pre-merger with BHP Petroleum).
Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:
“Woodside’s newly announced Scope 3 emissions plan amounts to little more than window dressing in the hope that investors won’t notice.
“Woodside’s targets (15% by 2025 and 30% by 2030, baseline: 2016-20 average) are not aligned with the Paris Agreement, and its over-reliance on carbon offsets to meet its 2030 target is nothing short of laughable.
“The only credible way for Woodside to reduce its Scope 3 emissions is to simply stop developing new gas basins.
“The IPCC and the International Energy Agency concluded that we cannot afford any new oil and gas developments, if we are to limit global warming to 1.5°C.
“The Science-Based Targets initiative Net Zero Standard was established to inject reality into oil and gas industry net zero claims. Absolute targets must include Scope 3 emissions and offsets can no longer be accepted as a substitute for real world emissions reductions.
“Woodside has committed to spend US$5 billion on “new energy products and lower-carbon services” by 2030. This pales in comparison to the US$12 billion Pluto 2 and Scarborough project, and ongoing capital expenditure on exploration and development in the Gulf of Mexico.
“The majority of Woodside’s new energy projects are not clean - despite their greenwashing. H2Perth will be a predominantly fossil hydrogen project. While H2OK in Oklahoma (US) will use electrolysis, it is not clear that the electricity supplying the plant will be 100% renewable.”
ACCR has filed two shareholder resolutions with Woodside Petroleum for consideration at its upcoming 2022 AGM on climate-related lobbying and decommissioning.
Woodside’s equity share emissions 2015-21, MtCO2e
|Total Scope 1+2||3.41||3.51||3.31||3.5||3.3||3.60||3.60||9%|
|Total Scopes 1+2+3||31.41||31.51||31.51||31.5||31.2||36.50||40.79|