Glossary
Glossary
| Sustainability glossary | |
|---|---|
| Abate / Abatement | Avoidance, reduction or removal of an amount of carbon dioxide or equivalent. |
| AEP | Australian Energy Producers previously known as APPEA. |
| Biodiversity | Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species, between species and of ecosystems.1 |
| Board | The Board of Directors of Woodside Energy Group Ltd. |
| Carbon credit | A tradable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 t CO2-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program. |
| Carbon credit integrity | Woodside assesses Greenhouse gas (GHG) integrity (abatement that is measurable, verifiable and has a low risk of being inaccurate, non-additional or impermanent) and Environmental, Social and Governance integrity (guided by positive (or no negative) impacts on people and the environment; and appropriate governance measures to prevent adverse consequences and impacts). |
| CCS | Carbon capture and storage. |
| CCU | Carbon capture and utilisation, also referred to as carbon-to-products. |
| CCUS | Carbon capture utilisation and storage. |
| Cetaceans | Includes whales, dolphins, and porpoises. |
| CO2 | Carbon dioxide. |
| CO2-e | CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis.2 |
| Company or Woodside or Group | On this website, unless otherwise stated, references to ‘Woodside’, the ‘Group’, the ‘company’, ‘we’, ‘us’ and ‘our’ refer to Woodside Energy Group Ltd and/or its controlled entities, as a whole. |
| Contractors | Non-Woodside employees, working within Woodside to support specific activities. |
| COP28 | The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, meeting in Dubai, UAE, November-December 2023. |
| Decarbonisation | Woodside uses this term to describe activities or pathways that have the effect of moving towards a state that is lower carbon, as defined in this glossary. |
| Emissions | Emissions refers to emissions of greenhouse gases unless otherwise stated. |
| Environmental incident | Environmental incidents involving hydrocarbon and hazardous non hydrocarbon spills of greater than 1 bbl released to the environment. |
| Equity greenhouse gas emissions | Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the scope of its emissions reduction targets is aligned with its economic interest in its investments. Equity emissions reflect the greenhouse gas emissions from operations according to Woodside’s share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the operation.3 |
| Executive Leadership Team | The most senior leadership group in the company, previously known as the Executive Committee. |
| FID | Final investment decision. |
| First Nations and Indigenous Peoples | First Nations people are the Indigenous people, or earliest known inhabitants, of a country. A First Nations person is a person of Indigenous decent, who identifies as a First Nations person and is accepted by their respective community. NOTE: We acknowledge the diversity of the First Nations communities in the areas where we are present. When communicating with a wide audience, Woodside uses the term Indigenous and First Nations interchangeably. On a local level, Woodside will be guided by the community as to the appropriate terms of reference. |
| Flaring | The controlled burning of gas found in oil and gas reservoirs. |
| FPIC | Free, Prior and Informed Consent. For further information, please see Woodside’s First Nations Communities Policy. |
| Frequency rates | Frequency rates are calculated per million work hours. |
| GHG or Greenhouse gas | The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N20); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6). 2 |
| Goal | Woodside uses this term to broadly encompass its targets and aspirations. |
| GRI | The Global Reporting Initiative is a network-based organisation that promotes sustainability reporting worldwide. The GRI reporting framework sets out principles and indicators that organisations can use to measure and report their environmental, social and governance performance. |
| Gross greenhouse gas emissions | Also referred to as ‘absolute’ emissions, gross emissions are emissions before any eligible units and certificates have been accounted for. 4 |
| Hierarchy of controls | The hierarchy of controls is a method of identifying and ranking safeguards to protect workers from hazards. They are arranged from the most to least effective and include elimination (physically removing the hazard), substitution (replacing the hazard), engineering controls (isolating people from the hazard), administrative controls (changing the way people work) and personal protective equipment (to protect workers directly). |
| High-consequence work-related injury | Work-related injury that results in a fatality or in an injury from which the worker cannot, does not, or is not expected to recover fully to pre-injury health status within six months. |
| Human factors | Using what is known about people, organisations and work design to influence performance. |
| IFRS Foundation | International Financial Reporting Standards Foundation. For more information see www.ifrs.org |
| Incident | Is one, or more, of the following: an unplanned release of energy that actually resulted in injury, occupational illness, environmental harm or damage to assets, a near miss, damage or potential damage to company reputation, breach of regulatory compliance and/or legislation, security breach (including cybersecurity breach). |
| Just transition | Please see page 68 of the Climate Transition Action Plan and 2023 Progress Report for more information on just transition. |
| JV | Joint Venture |
| Leverage | The measure of any additional resources contributed to a community organisation or activity that come from sources other than the company i.e. joint ventures, employees, government or another corporate organisation. |
| LGBTIQA+ | An acronym which signifies the collective community of those who are Lesbian, Gay, Bisexual, Transgender, Intersex, Queer, Asexual and plus. The ‘plus’ is used to signify all of the gender identities and sexual orientations that are not specifically covered by the other seven initials. |
| LNG | Liquified natural gas. |
| Loss of primary containment (LOPC) | An unplanned or uncontrolled release of any material from primary containment, including non-toxic and non-flammable materials (e.g. steam, hot condensate, nitrogen, compressed CO2 or compressed air). |
| Lost time injury (LTI) | An LTI is an incident that results in a fatality, disability or time lost from work. The number of LTIs is the sum of these. |
| Lower carbon | Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. When applied to Woodside's strategy, please see the definition of lower carbon portfolio. |
| Lower carbon power | Lower carbon power comes from processes or technologies that produce electricity with a lower greenhouse gas emissions intensity relative to electricity produced from a higher emissions intensity source. |
| Lower carbon economy | A lower carbon economy is an economy that produces lower levels of greenhouse gas emissions relative to today’s economy. |
| Lower carbon portfolio | For Woodside, a lower carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim. |
| Lower carbon services | 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. |
| Major environmental incidents | Unplanned or undesired event resulting in a moderate, medium-term impact on ecosystems, species, habitat or physical or biological attributes. |
| Net equity greenhouse gas emissions | Woodside’s equity share of net greenhouse gas emissions. |
| Net greenhouse gas emissions | Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net basis, allowing for both direct emissions reductions from its operations and emissions reduction achieved from the utilisation of carbon credits as offsets (including credits relating to avoidance, reduction and / or removal activities). Net greenhouse gas emissions are equal to an entity’s gross greenhouse gas emissions reduced by the number of retired carbon credits.4 |
| Net zero | Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon).5 |
| New energy | 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. |
| Offtake | Offtake refers to the agreement between a seller and a buyer for the purchase and delivery of a product, typically a commodity or energy resource. |
| Offsets | The compensation for an entity’s greenhouse gas emissions within its scope by achieving an equivalent amount of emission reductions or removals outside the boundary or value chain of that entity. |
| OGCI | Oil and Gas Climate Initiative. For more information see www.ogci.com |
| Operator, Operated and non-operated | Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated. |
| Paris aligned scenarios | Consistent with limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.2 |
| Philanthropy | The cash contributions the company pays in support of a community organisation or projects (e.g. small grants and donations) and in-kind contributions of the company’s corporate resources (e.g. IT equipment, used furniture or housing). |
| Potential risks | This is an environmental, social or governance related-risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. |
| Process safety event (PSE) (Tier 1 and Tier 2) | An unplanned or uncontrolled loss of primary containment (LOPC) of any material including non-toxic and non-flammable materials from a process, or an undesired event or condition. Process safety events are classified as Tier 1 – LOPC of greatest consequence or Tier 2 – LOPC of lesser consequence. As defined by American Petroleum Institute (API) recommended practice 754. |
| RFSU | Ready for start-up |
| Salient | Salient human rights risks, are those human rights that are at risk of the most severe negative impacts through a company’s activities or business relationships. 6 |
| Scope 1 GHG emissions | Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist. 3 |
| Scope 2 GHG emissions | Electricity indirect GHG emissions. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into the organisational boundary of the company. Scope 2 emissions physically occur at the facility where electricity is generated. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist. 3 |
| Scope 3 GHG emissions | Other indirect GHG emissions. Scope 3 is a reporting category that allows for the treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur from sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the data table on page 73 of the Climate Action Transition Plan and 2023 Progress Report for further information on the Scope 3 emissions categories reported by Woodside. 3 |
| Secure by Design | Secure by Design is a cybersecurity principle where solutions are designed from the very start to be secure. Following secure by design principles, ensures security is embedded natively into Information Technology and Operational Technology projects, helping to prevent security flaws that can impact the confidentiality, integrity and availability of data and systems. |
| Strategic partnerships | Strategic partnerships are more proactive and strategic than philanthropic donations. They centre on a smaller number of larger-scale, longer-term partnerships, rather than a donation to a community organisation. These partnerships address the social issue(s) that the company has identified as being relevant to both the company and the community in which it operates. They are linked to a corporate strategy, are measured, and expected to help protect the long-term corporate interests and reputation of the business. |
| Sustainability (including sustainable and sustainability) | References to sustainability (including sustainable and sustainably) are used in the context of Woodside’s aim to ensure its business is sustainable from a long-term perspective, considering a range of factors including economic (including being able to sustain our business in the long term by being low cost and profitable), environmental (including considering our environmental impact and striving for a lower carbon portfolio), social (including supporting our license to operate), and regulatory (including ongoing compliance with relevant legal obligations). Use of the terms ‘sustainability’, ‘sustainable’ and ‘sustainably’ is not intended to imply that Woodside will have no adverse impact on the economy, environment, or society, or that Woodside will achieve any particular economic, environmental, or social outcomes. |
| Starting base | Woodside uses a starting base of 6.32 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets. |
| Target | Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome. |
| TCFD | Task Force on Climate-related Financial Disclosures. For more information see www.fsb-tcfd.org/about |
| Transition case | Woodside uses this term to refer to the methodology Woodside applies to helps us manage risk by screening investment opportunities across a range of climate-related factors. |
| Total employees | Total number of employees including permanent, fixed-term and part-time. For more information see the people data table. |
| Total recordable injury rate (TRIR) | The number of recordable injuries (fatalities + lost work day cases + restricted workday cases + medical treatment cases + permanent partial disability) per million work hours. |
| Total social contribution spend globally | Sum of strategic partnerships, philanthropy, volunteering and mandatory contributions. |
| Total turnover | Permanent and fixed-term employees who left Woodside voluntarily or involuntarily. |
| Traditional Owners and Custodians | Members of the local Indigenous group with traditional rights and responsibilities in relation to the land and water in which we are active. |
| Upstream | Industry term for operations relating to exploring for, developing and producing as well as marketing crude oil and natural gas. This includes transporting crude oil, natural gas and petroleum products by pipeline or marine vessel. |
| Voluntary turnover | Permanent and fixed-term employees who left Woodside voluntarily for reasons not initiated by the company. |
| Volunteering | The cost to the company of the paid working hours contributed by employees to a community organisation or activity during paid working time (i.e. team-based volunteering, skills-based volunteering and secondments). |
- UNEP, 1992. “Convention on Biological Diversity”. https://www.cbd.int/doc/legal/cbd-en.pdf
- IFRS Foundation, 2021. “Climate Related Disclosures Prototype”, Appendix A. https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition.
- World Resources Institute and World Business Council for Sustainable Development, 2004. “GHG Protocol: a corporate accounting and reporting standard” https://www.wbcsd.org/Programs/Climate-and-Energy/Climate/Resources/A-corporate-reporting-and-accounting-standard-revised-edition
- Australian Clean Energy Regulator, 2023. “Corporate Emissions Reduction Transparency report 2023” https://www.cleanenergyregulator.gov.au/Infohub/Markets/cert-report/cert-report-2023/cert-2023-glossary
- IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 541-562. https://doi.org/10.1017/9781009157940.008
- The Corporate Responsibility to Human Rights: An Interpretive Guide. https://www.ohchr.org/Documents/Publications/HR.PUB.12.2_En.pdf
