Woodside signs net zero target vow

Woodside Energy has joined other global players in signing the oil and gas decarbonation charter at the COP28 summit in the United Arab Emirates.

About 50 oil and gas companies have signed the charter launched by COP28 president Sultan Al Jaber at the summit in Dubai, with Woodside becoming the first Australian company to do so.

Other signatories include BP, Shell, TotalEnergies and Mitsui & Co among others.

The charter aims to align oil and gas majors with net zero targets on or before 2050, zero-out methane emissions, eliminate routine flaring by 2030 and to continue working towards industry best practice in emission reduction, according to COP28.

The COP28 stands for the 28^th meeting of the Conference of the Parties to the United Nations Climate Change Conference, meaning a major forum with members from almost every country across the world making decisions to address the climate crisis.

Woodside chief executive Meg O'Neill said signing the charter reinforced the company’s existing commitments to reducing carbon and methane emissions.

“The COP28 Charter recognises that a differentiated approach to the energy transition is required to take advantage of the diversity of capabilities across the oil and gas sector,” she said.

“By signing this important industry charter, Woodside is reaffirming its strong commitment to working with our peers to take action on climate change."

Woodside said it had already committed to reducing net equity scope one and scope two emissions by 15 per cent by 2025 and 30 per cent by 2030, and had an aspiration for net zero by 2050 or sooner.

“We have also had a strong historic focus on minimising methane emissions," Ms O'Neill said.

"This meant that in 2022, our methane emissions were around 0.1 per cent of our production by volume, well below the Oil and Gas Climate Initiative's (OGCI) methane intensity target of below 0.2per cent.

“Under the OGCI’s Aiming for Zero Methane Emissions Initiative, which Woodside joined in 2022, we are committed to striving for near-zero methane emissions on operated assets by 2030."