Market Forces Criticizes Woodside's $40 Billion Investment in Oil and Gas Amid Clean Energy Transition
Market Forces has criticized Woodside for investing $40 billion in oil and gas exploration since 2020, arguing this undermines the transition to clean energy in Asia. The organization claims that increasing LNG supply will slow renewable energy uptake rather than displace coal. Despite shareholder concerns and a record vote against its climate plan in 2024, Woodside has not adjusted its growth strategy in fossil fuels, prompting ongoing demands for greater climate action from investors.
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Market Forces has taken aim at Woodside for its $40 billion investment in oil and gas exploration since 2020, asserting that this undermines the transition to clean energy in Asia. The organization emphasizes that increasing liquefied natural gas (LNG) supply is more likely to slow the uptake of renewable energy rather than displace coal. Despite a record vote against its climate plan in 2024 and persistent investor demands for action, Woodside continues a growth strategy focused on fossil fuels, which is viewed as detrimental to clean energy goals.
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