Climate

Thriving through the energy transition

Our climate change strategy aims to build a low cost, lower-carbon, resilient & diversified portfolio. View our climate report.

Woodside aims to thrive through the energy transition by building a low cost, lower carbon, profitable, resilient and diversified portfolio.[1]

Our climate strategy has two key elements: reducing our net equity scope 1 and 2 greenhouse gas emissions and  investing in the products and services that our customers need as they secure their energy needs and reduce their emissions. 

energy-transition climate strategy

Targets

In 2020, Woodside announced targets for near-and medium-term emissions reduction below the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020.

CR Executive Summary

Climate Report 

We have released our Climate Report 2022, which summarises our climate-related plans, activities, progress and climate-related data. 

CR-Cover 2022

This report provides updates on how we made progress in 2022 on reducing Woodside’s net equity Scope 1 and 2 greenhouse gas emissions towards the targets that we announced in 2020. And also how we progressed projects across oil, gas and new energy which have the potential to help our customers secure their energy needs whilst they reduce their own emissions.

Meg O'Neill, Chief Executive Officer

11 %
In 2022 Woodside’s net equity Scope 1 and 2 greenhouse gas emissions were 11% below the starting base, which has been adjusted to include the assets acquired due to the merger with BHP’s petroleum business.
US$5 billion
targeted investment in new energy projects and lower carbon services by 2030 [4]
Climate Report 2022
1 For Woodside, a lower carbon portfolio is one from which the net equity scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim. 
2 This means net equity emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base.
3 This means net equity emissions for the 12-month period ending 31 December 2030 are targeted to be 30% lower than the starting base.
4 Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment.

Task Force on Climate-Related Financial Disclosures (TCFD)

For more information on our approach to climate change governance, strategy, risk management and targets, refer to our 2022 Climate Report.

2022 Climate Report

Industry Association Review Report
Government Submissions & Reports
Climate Policy (February 2022)

News & media

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