Woodside

InfluenceMap Score
D-
Performance Band
38%
Organisation Score
52%
Relationship Score
Sector:
Energy
Head​quarters:
Perth, Australia
Official Web Site:

Climate Lobbying Overview: Woodside appears to have broadly negative engagement on climate policy. The company’s top-line messaging suggests support for action on climate change, but appears supportive of a major role for fossil gas in the energy mix in the long-term. Woodside also retains a number of memberships to Industry associations which traditionally lobby negatively on climate policy.

Top-line Messaging on Climate Policy: Woodside appears to support top-line climate targets. In Woodside’s 2021 climate report, published in 2022, it stated support for the Paris Agreement, in addition to stating support for limiting global warming to below 2 degrees Celsius above pre-industrial levels. In its 2021 sustainable development report, it also stated that it was engaging with policymakers to inform policy development but did not state whether it supported the need for climate change policy.

Engagement with Climate-Related Regulations: Woodside appears to have limited engagement with specific climate regs in 2021-22. However, the company has previously engaged negatively on various strands of climate policy in Australia. Woodside appears to have either not supported several strands of Australian climate policy or supported with significant exceptions. In a consultation response on the Safeguard Crediting Mechanism in October 2021, Woodside supported the issuing of credits to entities that achieve emissions below the baseline (SMC's), but advocating for Safeguard Credits (SMC's) to be fungible with Australian Carbon Credits (ACCU's), a move which would undermine the scheme. In August 2020, Woodside appeared to oppose the inclusion of Scope 3 emissions in consideration during regulatory assessments under Australia’s federal Environment Protection and Biodiversity Conservation Act. In March 2019, Woodside’s CEO appeared to strongly oppose proposals by the Western Australian Environmental Protection Authority that would require large facilities to offset GHG emissions. Regarding renewable energy legislation, Woodside appears to have mixed engagement on the Renewable Energy Target (RET), in October 2019, Woodside appeared to support allowing the RET to continue until 2030 as legislated. However, it is unclear whether Woodside supports alternative policies such as subsidies to ensure continued support for renewables, and it also appears that Woodside supports compensation or exemption for emissions-intensive trade-exposed (EITE) industries affected by the RET.

Positioning on Energy Transition: Woodside’s public statements suggest support for a major role for fossil fuels in the future energy mix. In the company's 2021 Sustainable Development Report, published in 2022, it stated that ‘oil and gas will remain important to the world’s energy system for decades to come’ and it promoted the role of fossil gas in its 2021 climate report, also published in 2022. In a February 2022 earnings call, CEO Meg O’Niell stated ‘significant investment is required to ensure the world has access to reliable and affordable energy’ in the context of oil and liquified natural gas and also did not appear to support a phase-out of coal-fired power in Australia in a June 2022 AFR article. In May 2022, she also stated that customers demand for low carbon energy “goes out the window” if it is not reliable or affordable, stating that after Russia’s invasion of Ukraine the industry needed to ‘double down’ on security and reliability and that the need for low carbon energy must ‘temporarily take the back seat’. Meanwhile, in April 2021, Woodside submitted to the inquiry into the prudential regulation of investments in Australia’s export industries, in which it opposed any attempt to limit investments in the resource sector, including LNG, adding that LNG and gas have a significant role to play in the future.

Industry Association Governance: Woodside has disclosed a list of its direct memberships to industry associations on its corporate website. In 2020, Woodside published a review of alignment with its industry associations on climate change, terminating its membership with the Canadian Association of Petroleum Producers (CAPP). However, Woodside maintains links to several other industry associations that appear to be lobbying negatively on climate policy. Senior Woodside executives are present on the boards of the Australian Petroleum Production and Exploration Association, the Business Council of Australia, and the Chamber of Minerals and Energy of Western Australia, three organizations which have traditionally lobbied negatively on progressive climate policy in Australia. Woodside has also not appeared to have provided an update since 2020.

*A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub [https://ca100.influencemap.org/lobbying-disclosures here *

QUERIES
DATA SOURCES
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Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
39%
 
39%
 
75%
 
75%
 
47%
 
47%
 
46%
 
46%
 
76%
 
76%
 
32%
 
32%
 
55%
 
55%
 
57%
 
57%
 
51%
 
51%

How to Read our Relationship Score Map

In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.