For large investors such as pension and superannuation funds, a vote against what climate activists and experts and some shareholders believe is a vague and feeble plan to reduce emissions in line with the Paris Agreement is a no-brainer.
What kind of message is sent when Australia’s largest oil and gas company, Woodside, receives a record-breaking vote against its climate report but comfortably returns the chairman responsible for it?
It has only set an “aspiration” rather than a hard target to be a net zero emitter by 2050, and initiatives to address its scope 3 emissions – the greenhouse gases released when customers burn or process the products it sells – have also fallen short of some expectations.These big investors are under immense pressure to make good on undertakings to their own members to improve their climate bona fides.
As irritated as many shareholders are about the lack of progress on climate, they are also keen to enjoy the financial fruits of robust profits from Woodside. Attacking emissions too hard too early risks short- to medium-term profits and Woodside seems to be taking a cautious position on climate.
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