Woodside CEO Meg O’Neill briefed investors on Woodside’s Climate Transition Action Plan (CTAP) and 2023 Progress Report today — the CTAP was released on 27 February 2024.
The event consisted of a welcome speech from Woodside CP Investor Relations Marcela Louzada, an address from the Chair of the Board Richard Goyder, the main presentation and a follow-up Q&A conducted by CEO Meg O’Niell before Louzada’s closing speech.
During the live webcast of the briefing, O’Neill said the CTAP contained additional information, requested by investors, about the company’s approach to climate change and the energy transition.
This included further detail on Woodside’s potential pathway to net zero Scope 1 and 2 net equity emissions by 2050, and the introduction of a new Scope 3 target to take final investment decisions for five million tonnes of CO2 equivalent abatement capacity per annum.
This complements the existing target to invest $5 billion, in new energy products and lower carbon services by 2030.
A section on the company’s hydrogen portfolio was also covered in this presentation, along with potential commercial opportunities for Woodside to use gas reforming and electrolysis to produce renewable hydrogen and ammonia.
“I firmly believe Woodside is built to thrive through the energy transition and our Climate Transition Action Plan shows how we plan to achieve this.
“Our climate strategy is integrated throughout our corporate strategy as we provide the energy our customers need today and into a lower carbon future, create and return value to shareholders, and conduct our business sustainably.”
O’Neill stated that the CTAP delivers on the investor’s feedback and provides additional information on Woodside’s plans and progress to reduce net equity Scope 1 and 2 emissions and to invest in new energy products and lower carbon services for the transition.
Woodside’s CTAP will be put to an advisory vote of shareholders at the company’s 2024 Annual General Meeting, which will be held on 24 April 2024 at 12:00 AEST / 10:00 AWST / 21:00 CDT.
