Woodside defends 'honest' response to climate change

Richard Goyder says Woodside's action plan demonstrates it's mitigating the risks of climate change. (Richard Wainwright/AAP PHOTOS)

Woodside Energy has doubled down on its response to climate change with a warning to investors about eroding value with any drastic changes to investment plans.

"We are being honest about the energy transition," Woodside chair Richard Goyder said in a letter to shareholders on Tuesday that was issued on the ASX.

In response to investor criticism, Woodside will put its climate disclosures to a vote of shareholders at this year's annual general meeting.

Mr Goyder said it was the board's view the company's Climate Transition Action Plan covers the challenges and demonstrates Woodside's plans and progress towards mitigating the risks of climate change.

"We believe that climate change is an urgent global challenge and that the energy sector has an important role to play in the transition to a net-zero world," he said.

"We are concerned that some stakeholders' and investors' requests to drastically change Woodside's strategy and investment priorities risk eroding value for all shareholders and contributing to a disorderly energy transition," he warned.

Woodside's approach was aligned with the Paris Agreement and offered a "well-considered and realistic pathway" for protecting shareholder value and mitigating the long-term risks to the company's business model, he said.

Facing a re-election battle at the AGM on April 24, Mr Goyder told shareholders he was up for the challenge but said the board would "evolve".

Mr Goyder, who recently left his post as Qantas chair as the airline tackles reputational issues, said he had "never been more energised and excited" at the prospect of serving as chair of Woodside.

He said the 2050 vision for Woodside was to be a successful energy company, having responded to customers' and society's needs in a competitive and commercial way.

License this article

What is AAPNews?

For the first time, Australian Associated Press is delivering news straight to the consumer.

No ads. No spin. News straight-up.

Not only do you get to enjoy high-quality news delivered straight to your desktop or device, you do so in the knowledge you are supporting media diversity in Australia.

AAP Is Australia’s only independent newswire service, free from political and commercial influence, producing fact-based public interest journalism across a range of topics including politics, courts, sport, finance and entertainment.

What is AAPNews?
The Morning Wire

Wake up to AAPNews’ morning news bulletin delivered straight to your inbox or mobile device, bringing you up to speed with all that has happened overnight at home and abroad, as well as setting you up what the day has in store.

AAPNews Morning Wire
AAPNews Breaking News
Breaking News

Be the first to know when major breaking news happens.


Notifications will be sent to your device whenever a big story breaks, ensuring you are never in the dark when the talking points happen.

Focused Content

Enjoy the best of AAP’s specialised Topics in Focus. AAP has reporters dedicated to bringing you hard news and feature content across a range of specialised topics including Environment, Agriculture, Future Economies, Arts and Refugee Issues.

AAPNews Focussed Content
Subscription Plans

Choose the plan that best fits your needs. AAPNews offers two basic subscriptions, all billed monthly.

Once you sign up, you will have seven days to test out the service before being billed.

AAPNews Full Access Plan
Full Access
AU$10
  • Enjoy all that AAPNews has to offer
  • Access to breaking news notifications and bulletins
  • Includes access to all AAPNews’ specialised topics
Join Now
AAPNews Student Access Plan
Student Access
AU$5
  • Gain access via a verified student email account
  • Enjoy all the benefits of the ‘Full Access’ plan at a reduced rate
  • Subscription renews each month
Join Now
AAPNews Annual Access Plan
Annual Access
AU$99
  • All the benefits of the 'Full Access' subscription at a discounted rate
  • Subscription automatically renews after 12 months
Join Now

AAPNews also offers enterprise deals for businesses so you can provide an AAPNews account for your team, organisation or customers. Click here to contact AAP to sign-up your business today.

SEVEN DAYS FREE
Download the app
Download AAPNews on the App StoreDownload AAPNews on the Google Play Store