On 24 April, Woodside Energy faced a shareholder revolt at its annual general meeting in Perth, with nearly 60 per cent of shareholders rejecting the company’s climate transition action plan.
This was seen as a sign of investor discontent with Woodside’s approach to addressing climate change.
Ahead of the AGM, several environmental groups, including the Conservation Council WA and the Australian Conservation Foundation, gathered to condemn Woodside’s plans.
They argued that Woodside’s ongoing development of the $12 billion Scarborough LNG project, part of the Burrup Hub, would slow efforts to address global emissions and climate change.
The protesters, who gathered at the entrance of Perth’s Crown complex, accused Woodside of ignoring the science and putting the public at risk with its plans to develop the Burrup Hub.
They called for Woodside to get serious about solving climate problems by investing in renewables instead of gas.
During the AGM, Woodside’s chair Richard Goyder and CEO Meg O’Neill defended the company’s record, stating that they would set goals and make decisions informed by available science.
However, the meeting was disrupted by two groups of climate protesters, who argued that Woodside’s climate plans were “bogus” and that the company needed to transition to renewables.
In response to the shareholder vote, Woodside announced that it would review its climate transition action plan and engage with shareholders to address their concerns.
The company also stated that it remained committed to reducing its emissions and transitioning to a lower-carbon future.
Despite the vote, Woodside’s share price remained relatively stable, indicating that investors may be willing to give the company the benefit of the doubt as it works to address climate change concerns.
However, environmental groups have vowed to continue their campaign against Woodside’s fossil fuel projects, calling for stronger action to reduce emissions and protect the environment.
