Scope 3 emissions targets
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US$5 billion
Invest US$5 billion in new energy products and lower carbon services by 2030*
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5 Mtpa carbon dioxide-equivalent
Take final investment decisions on new energy products and lower carbon services with a total abatement capacity of 5 million tonnes per annum CO2-e by 2030*
MYTH
Woodside doesn’t have Scope 3 emissions targets.
FACT
For clarity, Woodside has two Scope 3 emissions targets:
- Invest US$5 billion in new energy products and lower carbon services by 2030*.
- Take final investment decisions on new energy products and lower carbon services by 2030, with a total abatement capacity of 5 million tonnes per annum CO2-e*.
On 5 August 2024, Woodside announced the US$2.35 billion acquisition of the OCI Clean Ammonia Project. This project has the capacity to abate 3.2 million tonnes per annum of CO2-e at full development, upon supply of carbon-abated hydrogen, which materially contributes to the delivery of both targets.
While Woodside hasn't set a Scope 1, 2, 3 lifecycle intensity target like some oil and gas companies, it has disclosed its annual performance against this metric, which is better than the 2022 oil and gas sector average (see image below or page 32 of our 2023 Climate Transition Action Plan).
To learn more about Woodside's approach to scope 3 emissions, visit:
- 2023 Climate Transition Action Plan.
- The climate page of our website.
- Our announcement on the purchase of OCI Clean Ammonia.
* Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside's investments targets. No guidance. Potentially includes both organic and inorganic investments.
