On a narrow peninsula near the Western Australian town of Karratha, construction workers are more than halfway through building what will become the country’s biggest fossil fuel development in a decade.
He and his board are charting a path forward that includes working harder to lower emissions from Woodside’s operations and investing in “new energy” technologies such as hydrogen. But, for the most part, they are betting big that oil and especially gas are going to remain critically important, even as electric cars and renewable energy continue to grow and
Many of those shareholders, though, do not seem so convinced. As the ballot looms, the company is coming under fire from a growing number of powerful critics, including institutional investors and proxy advisers, who say the climate targets are too weak, and point to its ongoing lack of “tangible plans” to tackle the vast carbon footprint of the customers of its fuels around the world.
“On the contrary,” says ISS. “Its business plan is to continue the production of oil and gas without near-term, meaningful development of lower-carbon services.”By some measures, the investor pressure roiling Woodside this year is coming at a most unusual time: the company has been making more money than ever before.
“Despite four years of persistent investor feedback Woodside has once again failed to bring anything of substance to the table.”Woodside’s boardroom is not the only one to find itself under threat over climate-related issues.
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