Investors call on Australia’s largest oil and gas company to set greenhouse targets

The Guardian discusses how investors call on Australia’s largest oil and gas company to set greenhouse targets. More than half of Woodside’s investors support shareholder motion to set targets in line with Paris climate agreement.

Activists have heralded a “breakthrough moment” in the push for the Australian gas industry to do more on the climate crisis after more than 50% of shareholders called on Woodside Petroleum to set science-based greenhouse gas targets.

Slightly more than half of the company’s investors who gave a view supported a motion that it set targets in line with the goals of the Paris climate agreement to cut both its own emissions and the “scope 3” emissions released by consumers of its products, many of them in Asia.

The motion also called on Woodside to release details of how its planned new multibillion-dollar gas investments, which have stalled until next year due to the Covid-19 pandemic, would align with the Paris goals of limiting warming to well below 2C, and whether its remuneration policy encouraged executives to ensure emissions targets were met.

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