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Woodside's Burrup Hub
WHY THIS CAMPAIGN
Woodside is a laggard even amongst fossil fuel giants in its dogged pursuit of the expansion of the Burrup Hub gas and LNG project, despite the extraordinary cost to our climate.
SIX is here to build the movement of shareholders demanding that Woodside align its actions with its agreed emissions targets
We believe that for Woodside to be a leading energy company it must reverse its plans to expand Burrup Hub and invest in monitoring and fixing its methane leaks
PROBLEM
- Woodside plans to set off a carbon bomb: The Burrup Hub project is led by Woodside Energy (ASX:WDS), to build new offshore gas fields and onshore fracking. It has the potential to be the most polluting project ever to be developed in Australia, delivering some of the world’s dirtiest Liquified Natural Gas (LNG) for up to 50 years. With estimated total emissions of over 6 billion tonnes of carbon pollution across its lifetime, the proposal has profound implications for the global climate across generations.[1]
- Tradition Owner concerns: Traditional Owners criticised Woodside for threatening Australia's most extensive collection of Aboriginal rock art that is up to 50,000 years old and expanding the Burrup Hub without their consent.[2]
- Methane pollution: Methane is a potent greenhouse gas, 80 times more potent than carbon dioxide over a 20 year period.[3] Methane escapes during the gas supply chain in many ways, including when gas seams are opened or leak from pipelines.[4] A report by IEEFA found that Australian gas companies were underestimating their methane emissions by 92%. These LNG plants will have to double their emissions reductions by 2030 to comply with the Australian Government’s Safeguard Mechanism’s caps on emissions.[5]
- Investors aren’t happy: At Woodside’s 2024 Annual General Meeting, nearly 60% of shareholders voted against the company’s Climate Transition Action plan. Investors were not convinced Woodside could align its plans to expand oil and gas projects with international climate goals. This was the least-supported climate plan voted on by company shareholders ever.[6]
OPPORTUNITY
- Stop the Burrup Hub: Woodside’s Burrup Hub project is not a done deal. Environmental approvals, legal challenges, government decisions, and community opposition can all stop Woodside going ahead with their reckless expansion plans.
- Stop methane leaks: Woodside must improve their monitoring, disclosure, and mitigation of methane using existing technology.[7] Tackling methane could help to slash greenhouse emissions, buying precious time to transition to clean energy and avoid worsening climate change.
- Put them on notice: SIX is working with our partner, Econome, who are helping to build a coalition of shareholders that will pressure Woodside to stop the Burrup Hub and fix its methane problem. Pledge to buy or use shares in Woodside to be part of this vital push.
TAKE ACTION NOW!
- Don’t own shares in Woodside? Using the sign up form, pledge your interest to buy shares in Woodside. We’ll let you know when we’ve launched our share trading platform, so you can buy these shares.
- Already own shares in Woodside? Using the sign up form, let us know if you already own shares in Woodside via another share trading platform. We’ll keep you informed about how to use your shareholder power.
Join the campaign!
Open a SIX account to buy and pledge shares to this campaign.
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References
[1] Greenpeace, New Emissions Data Exposes Shocking Scale Of Woodside’s Burrup Hub Gas Project, November 2023, https://www.greenpeace.org.au/news/new-emissions-data-exposes-shocking-scale-of-woodsides-burrup-hub-gas-project/
[2] The Age, Pilbara Rock Art Custodians Want WA Government, Woodside to Hit Pause on Burrup Hub Projects, March 2022, https://www.theage.com.au/business/companies/pilbara-rock-art-custodians-want-wa-government-woodside-to-hit-pause-on-burrup-projects-20220323-p5a75h.html
[3] United Nations Environmental Program, Methane emissions are driving climate change. Here’s how to reduce them, August 2021, .https://www.unep.org/news-and-stories/story/methane-emissions-are-driving-climate-change-heres-how-reduce-them
[4] Australian Conservation Foundation, Explained: What is methane?, June 2023, https://www.acf.org.au/explained-what-is-methane
[5] Institute for Energy Economics and Financial Analysis, Gross under-reporting of fugitive methane emissions has big implications for industry, July 2023, https://ieefa.org/resources/gross-under-reporting-fugitive-methane-emissions-has-big-implications-industry
[6] Australasian Centre for Corporate Responsibility, Status quo inconceivable: majority of investors reject Woodside’s climate strategy, April 2024, https://www.accr.org.au/news/status-quo-inconceivable-majority-of-investors-reject-woodside%E2%80%99s-climate-strategy/
[7] Australian Conservation Foundation, What does the Safeguard Mechanism mean for slashing climate pollution?, March 2023, https://www.acf.org.au/what-does-safeguard-mechanism-mean-for-slashing-climate-pollution
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