Climate revolt looms for Woodside on gas emissions goals

Australia's largest oil and gas producer, Woodside, is headed for a clash with investors over demands to slash greenhouse gas emissions as influential shareholder advisors recommend defying the board and backing calls for bolder climate action.

Woodside's commitments on climate change
 are set to be questioned at Thursday's AGM.

Motions pushing for Woodside to commit to hard targets to curb direct emissions and emissions created by the end-users of its products – known as "Scope 3" emissions – are likely to attract considerable support at an investor meeting on Thursday after key proxy advisory firms urged shareholders to vote against the board.

Woodside, which has an ambition for "net zero" emissions for its own operations by 2050, has urged shareholders to vote down the resolutions, saying it was supportive of the Paris climate accord's goals to limit global warming well below 2 degrees above pre-industrial levels and its gas exports were helping to displace higher-emissions fuel sources such as coal-fired power.

But at least three prominent proxy advisors – firms that advise institutional investors on how to vote at companies' annual meetings – are recommending clients support the climate-focused resolutions led by ethical investment group the Australasian Centre for Corporate Responsibility (ACCR), saying the management of emissions was a "material issue" for the company.

Read the story from The Age by Nick Toscano - “Climate revolt looms for Woodside on gas emissions goals.”