When the Money Was There All Along: Woodside's Climate Retreat Exposes the Truth About "Discipline"
by Dr Dorel Iosif
Board Chair
Excerpt:
Let's be precise about what was announced.
CEO Liz Westcott told analysts that Woodside would retire its Scope 3 investment and emissions-abatement targets, walking away from its plan to invest US$5 billion in new energy products and lower-carbon services by 2030. The company also said its Beaumont New Ammonia project in Texas would be reviewed.
The explanation was that the targets had been "established in a different market context" and that customer demand and policy support had not materialised quickly enough to justify the investment. It is a tidy story about capital discipline. It is also, in my view, conveniently incomplete.
Here's the part the tidy story leaves out.
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