Climate Change

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.

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.

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.