Today marks a turning point in the accountability of the fossil fuel industry in Australia following the 58.36% vote against gas giant Woodside’s climate policy at the company’s AGM in Perth.
“Today we have witnessed a globally unprecedented vote against a gas giant’s climate plan,” said the Australian Conservation Foundation’s CEO Kelly O’Shanassy.
“This is the first time a fossil fuel company’s climate strategy has been rejected by a majority of shareholders anywhere in the world.
“Woodside has lost the support of shareholders and investors for its expansionary gas plans.
“The science and economics is clear: no new fossil fuel projects can be built if the world is to avoid a terrible climate breakdown caused by climate pollution.
“More than 16% of Woodside’s shareholders opposed the re-election of its Chair, sending a signal to other directors that an era of accountability is approaching if the company continues to ignore climate risk.”
ACF’s report, What Woodside tried to hide, released in February, showed Woodside’s purported aspiration to net zero emissions was unsupported by the company’s actions.
Analysis released in March found Woodside’s planned Burrup Hub expansion would be the largest new fossil fuel project in the Southern Hemisphere.
ACF’s case asking the Federal Court to stop Woodside’s massive Scarborough gas project until its impact on the Great Barrier Reef is assessed will go to trial on 2 September 2024.
