Shareholders at Woodside's annual general meeting expressed dissatisfaction with the company's climate plan, with 58.4% voting against it. Chairman Richard Goyder acknowledged the disappointment and emphasized the board's commitment to engaging with shareholders as they evaluate their strategy moving forward. Despite the previous approval of the plan by a narrow majority in 2022, this recent rejection signals a shift in shareholder sentiment regarding Woodside's approach to addressing climate concerns.
Woodside's CEO, Meg O'Neill, acknowledged the complexities of reducing emissions within the company's existing infrastructure, which dates back to the late 1970s and early 1980s. While recognizing the global demand for reliable and sustainable energy sources, O'Neill emphasized the challenges of immediate emissions reduction, emphasizing the need for a careful and methodical approach to meet long-term goals. Chairman Goyder echoed O'Neill's sentiments, stressing the importance of maintaining transparency and integrity in the company's commitments to emissions reduction, cautious of making promises they may not be able to fulfill.
Despite Woodside's reported progress in reducing emissions by 12.5% and outlining targets for future reductions, critics have raised concerns about the company's reliance on offsets rather than direct emissions cuts. Environmental activists have protested Woodside's continued investment in projects like the Scarborough LNG development, expressing fears that such ventures may hinder global efforts to combat climate change. In response, Woodside has defended its approach, highlighting the economic benefits of projects like the Burrup Hub while pledging investments in new energy initiatives to diversify its portfolio and address carbon emissions.