Woodside ditches clean energy targets, shifts $7bn investment

Woodside Energy announced it would retire its Scope 3 emissions targets and abandon a US$5 billion plan for new energy products and lower-carbon services by 2030, opting instead to let market demand and commercial criteria guide its strategy. The shift comes as the company reports a half-year profit surge, including a 27% rise in net profit to US$1.67 billion, amid higher energy prices. Climate campaigners and the Conservation Council of Western Australia condemned the move as grossly negligent, arguing that Scope 3 emissions—generated when customers use Woodside’s gas—constitute the bulk of the company’s climate impact. CEO Liz Westcott framed the decision as a response to the energy transition’s pace and a need to focus on higher-return opportunities, including a strategic review of Beaumont New Ammonia in Texas. The criticisms warn that abandoning emissions targets risks delaying meaningful climate action and could undermine trust as the company emphasizes returns over carbon reductions. Overall, Woodside is reorienting its portfolio toward profitability, cutting costs, and reassessing major projects while facing intensified scrutiny from environmental groups.