Australian oil and gas giant Woodside has been rocked by the biggest investor uprising ever seen against a major emitter’s approach to climate change as 58 per cent of its shareholders rejected the company’s decarbonisation plans as inadequate.
“The scale of this rejection is globally unprecedented,” said Harriet Kater of activist group the Australasian Centre for Corporate Responsibility.“The board must now act on investor feedback and begin the long-overdue work of credibly de-risking its business.” Large investors are seeking to reduce their exposure to systemic risks posed by global warming, and have been more frequently casting votes against boards deemed to be not acting quickly enough.
Richard Goyder at Woodside Energy’s annual meeting last year. He faces a fight for re-election at this year’s meeting.Goyder insists he had listened to investors’ concerns about climate change, having personally held 83 meetings with investors on the topic since the start of last year, and has been pitching the new strategy as a material step forward.
Woodside and other producers of liquefied natural gas point to projections that the fuel will remain an indispensable part of the world’s energy mix, particularly in Asia, as a vital “transition” fuel that is less-emitting than coal but can still be used to back up renewable energy during periods of low wind and sunlight.
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