Richard Goyder, Woodside Energy, and the new climate activists

Already a subscriber?Environmental activism used to be a David and Goliath struggle. Underdogs combining stunt-based performance art with ideology to challenge the power of big government and business.

It was a confected outrage. Woodside hadn’t broken any laws or breached any fiduciary standards. The trigger for the pile on was that some pension fund investors thought Woodside’s climate action plan wasn’t ambitious enough. A new paper by economists Paul Simshauser and Joel Gilmore modelled what Australian electricity markets will need to replace the capacity of theEven with continued scale up of renewables, more batteries and pumped hydro, a future renewables grid will need a significant increase in gas generation and supply to get it through periods of low renewable generation, mostly during winter.

This is what gas as a transition fuel means. That global emissions decrease while gas production increases, as the combination of renewables, storage and gas replace high emissions coal.That’s only an interim solution, with hopes that hydrogen or its derivatives can be developed to replace the role of gas in electricity and other industrial systems in the same way that nuclear or renewables can replace coal.

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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.
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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.
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Woodside Energy chairman Richard Goyder will face the music at AGMEven if the chairman now looks certain to survive a substantial protest vote and be re-elected, it all adds up to a firm rebuff of the company’s decarbonisation plan.
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