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AS WE TRANSITION TO A LOWER CARBON ECONOMY, LARGE AND EXPERIENCED COMPANIES LIKE OURS WILL PLAY A CRUCIAL ROLE.
Peter Coleman
Chief Executive Officer and Managing Director

Our Approach

Governance and accountability

Responsibility for climate change issues ultimately rests with the Woodside Board. The Board is supported and informed by the Sustainability Committee, which comprises six non-executive directors and meets twice a year.

The executive leadership team provides bi-annual governance over climate change risks in line with the Woodside risk management process.

The Vice President Health Safety Environment and Quality has day-to-day accountability for managing climate change risk on behalf of the Chief Operations Officer.

Informing our decisions

We actively consider and integrate climate change risk into our investment decisions.

We use a range of variables, including commodity prices, carbon prices, exchange rates, interest rates and supply-demand dynamics. Values are informed by several internal and external scenarios, including the International Energy Agency sustainable development scenario.

Our analysis continues to show that both our base business and growth projects are resilient today, and into the future.

Woodside_KGP035[ImagebyJarradSeng]
Improving facility performance

We implement improvements that reduce fuel gas demand and flaring requirements, applying technology to reduce emissions and improve operational efficiency. Our shipping fleet has best-in-class performance for fuel efficiency and boil off gas.

Energy efficiency is “designed in” to our new projects, where we take a whole-of-life approach.

Woodside Photography 2018 - Drone-21 [Image by Jarrad Seng]
Pursuing opportunities

Climate change also presents opportunities for our business. Demand for lower-carbon fuels is increasing, especially in sectors that have few zero-carbon alternatives. Climate change and air-quality policies are encouraging coal to gas substitution in the power sector. Growth in renewable electricity supports the long-term use of natural gas as a relatively low-carbon and flexible fuel. Efforts to improve our energy efficiency allow us to convert more of our reserves to saleable products.

Woodside Photography 2018 - On Site-234 [Image by Jarrad Seng]
Measuring change

We use a range of internal and external metrics, which vary across years, to assess our performance.

Please read our latest Sustainable Development Report or Carbon Disclosure Project submission for more information.

Share of gas Graph
44 %
less carbon dioxide produced by gas, versus coal.¹

¹ U.S. Energy Administration Administration estimates.

45 %
increase in LNG demand by 2030.²

² IHS Autonomy forecast; comparison made between 2017 actual and 2030 forecast.

materiality
Committed to reducing our emissions
Woodside is proud to be a signatory to The World Bank's Zero Routine Flaring by 2030 initiative.
Woodside acknowledges indigenous people's connections to land, water and community. We pay our respects to ancestors and elders - past, present and emerging. We recognise the many contributions Indigenous people make to our business, as community members and employees.