2024 reduction
14%
Below the starting base.
Climate
Woodside's climate strategy is integrated throughout our company strategy.
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Material Topic
Woodside's climate strategy is integrated throughout our company strategy: our aspiration to thrive through the energy transition with a low-cost and lower-carbon, profitable, resilient and diversified portfolio1
Our approach
Our approach
Thriving through the energy transition
Woodside’s climate strategy is integrated throughout our company strategy
Reduce our net equity scope 1 and 2 greenhouse gas emissions
Invest in products and services for the energy transition
Avoid emissions
Design out
Design Out These are engineering changes which avoid emissions in the design of new facilities prior to construction. Estimated potential for ~15 Mt CO2-e cumulative to 2050 at Trion, Pluto Train 2 and Scarborough.
Reduce Emissions
Operate out
Asset Level Plans Opportunities costing less than US$80/t and select large scale abatement opportunities are being progressed at existing operating assets. Estimated potential for ~13 Mt CO2-e cumulative to 2050 at current portfolio of operating assets.
Offset
Residual emissions
Carbon credit portfolio Originating and acquiring a carbon credit portfolio which includes an assessment of integrity.
Large scale abatement
These are potential opportunities costing more than US$80/t that are being progressed through a company wide plan, with the intent to reduce costs and mature technology so they can be selected for asset level plans.
These are potential opportunities costing more than US$80/t that are being progressed through a company wide plan, with the intent to reduce costs and mature technology so they can be selected for asset level plans.
Assess
Investments for energy transition resilience
Transition case Incorporation of climate-related considerations in the business case for new investments.
Support
Our customers and suppliers to reduce their emissions
Support customers and suppliers To reduce their emissions.
The section above refers to content as at 31 December 2024
Our Climate Policy
View our Climate Policy
Woodside’s aspiration to thrive through the energy transition with a low-cost and lower-carbon, profitable, resilient and diversified portfolio.11
Our performance: Scope 1 and 2 GHG emissions targets12
Reducing our net equity Scope 1 and 2 GHG emissions
Net equity Scope 1 and 2 GHG emissions reduction target13
For more information on emissions performance against industry benchmarks
see the Climate Update.
Net equity Scope 1 and 2 GHG emissions13
Our performance: Scope 3 targets12
Invest in products and services for the energy transition
- Our net equity Scope 1 and 2 GHG emissions were 5,437 kt CO2-e, 14% below the starting base, on track to meet our 2025 target of 15%.18,19
- Gross equity Scope 1 and 2 GHG emissions volumes were 6,784 kt CO2-e compared to 6,190 kt CO2-e in 2023. This includes an increase due to the commencement of Sangomar production, including expected one-off emissions from startup and production during the second half of 2024. This performance was better than expected due to high reliability and lower flaring on Pluto, NWS and FPSOs and Sangomar’s lower flaring in December.
- This facility performance was supplemented by the retirement of 1,347 kt CO2-e carbon credits as offsets.
- Woodside’s gross Scope 1 and 2 GHG emissions intensity, which measures our emissions performance per unit of production, remains better than industry benchmark.20
- We progressed decarbonisation plans across our portfolio of operated assets, including implementing or sanctioning projects that are expected to achieve approximately 40% of the emissions reductions identified in asset decarbonisation plans to date. We also progressed engineering studies of large scale abatement opportunities at the Pluto facility, although the cost of these opportunities remains significantly above Woodside’s internal cost of carbon.
- We joined OGMP 2.0, the UN Environment Programme’s flagship oil and gas methane mitigation and measurement programme in January 2024, and are preparing our implementation plan.
- In 2024, the first Australian Carbon Credit Units (ACCUs) were issued from our Native Reforestation Project which commenced in 2020.
- We progressed our plan to invest in products and services for the energy transition, strengthening our portfolio of competitive oil and gas assets whilst developing our new energy business. At the end of 2024, we had spent $2.461 billion cumulatively on new energy products and lower-carbon services, making disciplined progress towards our target to invest $5 billion by 2030.21,22,23
- The Beaumont New Ammonia Project is our biggest investment in new energy to date ($2.35 billion) and Phase 1 of this project, which is post-FID, has a design capacity of 1.1 Mtpa of ammonia.24 First ammonia production is targeted for the second half of 2025 with lower carbon ammonia production targeted for second half of 2026. The Project will target conventional ammonia customers at startup and will target lower-carbon ammonia customers in Europe and Asia when CCS is operational. Phase 1 has the potential to contribute up to 1.6 Mtpa of CO2-e abatement.25,26
- We put our Climate Transition Action Plan (CTAP) to a non-binding advisory vote of shareholders at the 2024 AGM. Disappointingly, the CTAP did not achieve majority support. Subsequently, the Board and Management have continued to engage with shareholders, and Woodside has published a Climate-related Investor Engagement document to provide greater transparency about investor feedback.
Our reports
Related content
Our reports
Footnotes
Footnotes
