Woodside Energy chairman Richard Goyder will face the music at AGM

When he fronts a fractious AGM on Wednesday, Woodside Energy chairman Richard Goyder may be tempted to repeat JP Morgan’s blunt warning this month that the world needs a “reality check” about the move from fossil fuels to renewable energy.about the complexity of the energy transition. According to O’Neill, that’s the real difference between Woodside and some other companies that “have said things to appease some shareholders”.

Over the past year, for example, BP and Shell have retreated from their ambitious climate targets of just a few years ago in order to expand or maintain production of their highly profitable oil and gas projects. Many of the world’s financial arbiters are also demonstrating a similar hesitation about the speed, if not the direction, of the shift away from oil and gas. JP Morgan’s global energy strategy report noted that higher interest rates, inflation and wars in the Middle East and Ukraine had set back attempts to reduce their use.

Last February, JP Morgan Asset Management and State Street Global Advisors pulled out of the Climate Action 100+ investor group aimed at pushing companies to do more, while BlackRock has transferred membership to its smaller international arm.Many shareholders are also increasingly reluctant to sacrifice the current profits from oil and gas for the promise of lesser returns from alternative sources of energy when customers are equally reluctant to pay higher prices for green energy.

The curbs on its scope 3 emissions – those generated by its customers – are naturally more elusive. Woodside committed to investing up to $US5 billion in clean energy products and projects by 2030 that should reduce those carbon emissions by 5 million tonnes a year. Butthe company would only take final investment decisions on major projects such as hydrogen and carbon capture and storage when it is confident of a return.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WDS ASX: Big US pension funds, Aware want Richard Goyder off Woodside Energy boardBut AustralianSuper says it will back the businessman, even as it votes against the oil and gas giant’s climate plans, at a shareholder meeting on Wednesday.
Source: FinancialReview - 🏆 2. / 90 Read more »

Woodside Energy’s chairman Richard Goyder pleads for shareholder support for under-fire climate planThe vote on Woodside’s climate action plan goes to the heart of its credibility as a legacy fossil fuel company committed to transition to net-zero emissions.
Source: FinancialReview - 🏆 2. / 90 Read more »

WDS ASX: HESTA sides with Woodside Energy over chairman Richard Goyder’s future”But the outspoken superannuation fund, which has criticised the company for not doing enough on emissions reduction, will vote against its climate strategy.
Source: FinancialReview - 🏆 2. / 90 Read more »