Woodside scraps long-term emissions and clean energy targets despite windfall oil profits caused by Iran war
Summary
Woodside Energy has stopped its long-term plans to reduce emissions and invest in clean energy, despite making higher profits due to increased oil prices linked to the Iran conflict. The company will focus more on fossil fuels and less on new energy projects like hydrogen and ammonia.Key Facts
- Woodside Energy’s half-year profit rose 27% to $1.67 billion (A$2.33 billion) due to higher oil prices from global supply disruptions.
- The company plans to drop its $5 billion (A$7 billion) investment commitment in new energy products by 2030.
- Woodside is reviewing its ammonia business in the United States, which was previously seen as a key clean energy option.
- Under CEO Liz Westcott, Woodside is ending its scope 3 emissions targets, which measure pollution from customers using its products.
- The company says clean energy investments will now depend on customer demand and commercial markets.
- Woodside’s growing fossil fuel profits come as climate change, driven by burning fossil fuels, causes more severe weather events worldwide.
- Climate activists and investors are pressuring Woodside and its backers to take stronger action against climate change.
- Woodside increased its interim dividend for shareholders from 53 cents to 57 cents per share.
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