Scope 3 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 carbon dioxide-equivalent by 2030
MYTH
Woodside doesn’t have Scope 3 targets.
FACT
For clarity, Woodside has two complementary 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 Mtpa (million tonnes per annum) CO2-e (carbon dioxide-equivalent).^
On 5 August 2024, Woodside announced the US$2.35 billion acquisition of the OCI Clean Ammonia Project (now named the Beaumont Clean Ammonia Project). This project has the capacity to abate 3.2 Mtpa 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 life cycle intensity target like some oil and gas companies, it has disclosed its annual performance against this metric, which was lower (better) than the 2022 oil and gas sector average (see image below and page 32 of the Woodside 2023 Climate Transition Action Plan).
To learn more about Woodside's approach to Scope 3 emissions, visit:
- Woodside's 2023 Climate Transition Action Plan.
- The climate page of the Woodside website.
- Woodside's announcement on the purchase of the Beaumont Clean Ammonia Project.
# Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels. May include new energy products that have been manufactured from fossil fuels.
* Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions.
^ 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.
