(Bloomberg) – Woodside Petroleum Limited, Australia’s top natural gas exporter, will consider investors opposed to its inaugural climate strategy.
“A significant proportion of shareholders who have already voted on this item have not supported the report,” Chairman Richard Goyder said Thursday at the Perth Company’s annual general meeting. “The board stands by the quality of both the climate report and Woodside’s overall climate strategy.”
Woodside has been criticized for its emissions reduction plans, especially for failing to do enough to address the scope 3 emissions generated by consumers’ fuel consumption. As a result, the proxy advisory firm Glass, Lewis & Co. The company has recommended investors to oppose the climate strategy. The report is being put to a non-binding, advisory vote at Thursday’s meeting.
Shares of the company fell 3.3% in Sydney Trading. They have grown by about 34% in the last one year on the back of high oil and natural gas prices.
The California State Teachers Retirement System was among the shareholders who indicated they would oppose the climate plan, according to a register of voting purposes posted on a website run by Glass Lewis.
“We will continue to include feedback from our shareholders on this important issue as we continue to develop and develop our approach,” Goyder said.
According to the Climate Plan 2021 report, Woodside has set a target of reducing emissions from Scope 1 and 2 by 15% by 2025 and 30% by 2030, before lowering them to zero by 2050. It also said it would invest 5 5 billion in new energy products, such as hydrogen, by 2030 to reduce emissions by 3 large opportunities.
“There are two key elements to Woodside’s approach – reducing our net equity scope 1 and 2 greenhouse gas emissions, and investing in the products and services our customers need because they also reduce their emissions,” CEO Meg O’Neill told the AGM on Thursday.
Most of the company’s customers are in Japan, South Korea and China, all of which are committed to reaching mid-century net zero.
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