The oil and gas giant has told investors that buyers are finding it more difficult to use lower carbon alternatives like hydrogen as costs remain high
Already a subscriber?Woodside Energy chief executive Meg O’Neill says there is no certainty that the oil and gas producer will reach its $US5 billion target for investment in clean energy projects by 2030 as customers baulk at paying higher prices for green fuels.one activist investor already calling for chairman Richard Goyder to be oustedWoodside CEO Meg O’Neill says the company can’t proceed with $1 billion-plus clean energy projects without customers locked in.
The company’s climate strategy, which shareholders will vote on at the April 24 annual meeting, states the Scope 3 targets are “subject to commercial arrangements”, joint venture approvals and other factors. Woodside had spent $US335 million on “new energies” by the end of last year, mostly on long-lead equipment needed for its Oklahoma project and with partner companies in carbon capture and storage developments.
Ms O’Neill said Woodside was still confident of major growth emerging for hydrogen and CCS, but presented graphs showing that would only take off toward 2030 and beyond.
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