This report looks beyond Woodside’s high-level statement of support for the Paris Agreement and analyses the integrity of Woodside’s net-zero ambition.

The UN High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities has outlined ten recommendations that can be used to assess the integrity of a company’s net-zero commitment. The recommendations are clear that a robust net-zero pledge cannot include continued investment in new fossil fuel supply, the use of offsets in place of immediate emissions reduction, incomplete coverage of scope 1, 2 and 3 emissions or lobbying to undermine ambitious government climate policies.

Assessed against these recommendations, Woodside is failing on almost every measure. This report finds clear evidence that Woodside, contrary to its claims, does not have a robust net-zero commitment and is not on track to do its part to reduce emissions this decade.

This report finds that Woodside continues to invest significant capital in exploration for new oil and gas reserves, and on development of new and expanded oil and gas projects. Shockingly, the company’s net-zero aspiration ignores 92% of its total climate impact, by excluding the company’s scope 3 emissions. Furthermore, the company has not made effective progress in reducing its real-world impact on the climate, with scope 1 and 2 emissions increasing by 3% in 2022 compared to its baseline average emissions from 2016-2020. Despite this, the company claims that it has reduced its scope 1 and 2 emissions by 11% over the same period by using carbon credits to offset emissions.

This analysis exposes what Woodside tries to hide, and evidences that Woodside’s stated net-zero ambition is contradicted by the company’s actions.