The Australasian Centre for Corporate Responsibility (ACCR) is dumbfounded by the targets published by Woodside Petroleum (ASX:WPL) today for its planned Pluto LNG expansion.
Woodside published its ‘Pluto LNG Facility Greenhouse Gas Abatement Program’, in which it lays out plans to double operational emissions from 1.8 million tonnes CO2e each year (2019-20) to 3.6 million tonnes CO2e in 2026 (see notes below for further details). ACCR estimates that Scope 3 emissions will increase from 13.9 million tonnes to 29 million tonnes in 2026.
Commenting on the targets, Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:
“Woodside’s claims that it is reducing carbon emissions, when in fact it is actually doubling its emissions at the Pluto LNG facility, is a feat of mental gymnastics that only Woodside could muster.
“The emissions data disclosed in Woodside’s Greenhouse Gas Abatement Program for Pluto LNG is nothing short of eye-watering. This project will severely damage Australia’s and Western Australia’s ability to meet their already weak 2030 emissions reduction targets.
“Woodside’s targets do not address the much larger issue of Scope 3 emissions, ignoring the demands of half of its shareholders to take responsibility for the emissions from the gas it sells.
“This project is at odds with the expectations of investors for companies to align their capital expenditure and decarbonisation strategies with the Paris Agreement.
“While Woodside has committed to net zero emissions by 2050, its 2030 targets are pathetic, and it will only reach them through buying land-based offsets and limited use of solar power.
“As demonstrated by the IPCC, Carbon Tracker and now the IEA Net Zero 2050 Scenario, we simply cannot afford any new oil and gas projects if we are to return to a safe climate.”
Emissions from Pluto LNG, actual and projected:
|Year||Scope 1+2 emissions|
|Scope 3 emissions*|
(Mt CO2e), estimated
Source: Woodside Petroleum Ltd, ‘Pluto LNG Facility Greenhouse Gas Abatement Program’, April 2021 and ACCR estimates (Scope 3)
*Use of product sold, excludes transport; based on increase in production from 4.9 to 10.2 mtpa