Insights

Looking to buy Woodside shares? Here’s why the energy giant faces a fresh legal battle from climate activists

Approvals for the company’s Scarborough Project are being challenged in the Supreme Court.
The post Looking to buy Woodside shares? Here’s why the energy giant faces a fresh legal battle from climate activists appeared first on The Motley Fool Australia. –

The Woodside Energy Group Ltd (ASX: WDS) share price is in the red on Tuesday. Its slump comes amid news climate activists are challenging the company’s $17 billion Scarborough Project in the Supreme Court.

The Conservation Council of WA (CCWA) is challenging approvals for Pluto Train 2, saying pollution and environmental harm from resulting emissions wasn’t properly considered. Pluto Train 2 is a critical component of the project.

Woodside shares are trading at $32.39 at the time of writing, 1.37% lower than their previous close. For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.46% right now.

Let’s take a closer look at the latest legal battle over the ASX 200 energy giant’s major project.

Woodside’s Scarborough Project back in court

Looking to snap up Woodside shares? The company’s hitting headlines today after CCWA announced it’s challenging the WA Department of Water and Environmental Regulation’s approval of Pluto Train 2’s construction, handed down in May 2021.

Pluto Train 2 is a proposed expansion of Woodside’s Pluto LNG gas facility’s processing capacity.

CCWA claims the regulator failed to consider the expansion will nearly double the facility’s emissions.

To save duplicating findings, an increase in emissions was instead considered by WA’s Environmental Protection Agency.

CCWA executive director Maggie Wood said governments and their departments have “a legal and moral duty” to protect Australia’s climate. Wood continued:

To avoid irreversible damage to our climate and protect the people of WA from the horrific effects of more droughts, floods, and bushfires it is vital that the long-lasting impacts of fossil fuel proposals are taken seriously and given the most stringent and careful regulatory assessment before decisions are made.

The Scarborough project still has several regulatory hurdles to clear.

It’s also the subject of a separate legal challenge brought by the Australian Conservation Foundation.

Woodside share price snapshot

Today’s slip hasn’t been enough to dint the Woodside share price’s longer-term gains.

The stock has lifted 48% since the start of 2022. It’s also 46% higher than it was this time last year.

The post Looking to buy Woodside shares? Here’s why the energy giant faces a fresh legal battle from climate activists appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of July 7 2022

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Here are the top 10 ASX 200 shares today
‘Alarming’: ASX 200 energy shares lift despite increasing government pressure over supply outlook
Up 45% so far in 2022, is it too late to buy Woodside shares?
5 things to watch on the ASX 200 on Monday
Oil has retraced from June highs. What’s this mean for the Woodside share price?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Rebate Rewards

Level 2 Rebate

Deposit $2,000 and get $200 Rebate
$ 200 Rebate
  • 3 Simple Steps
  • 1. Register Using The Link Below (Promo-Code: WEBREBATE)
  • 2. Deposit $2,000 and place one trade at any non-Austalian market within 30 calendar days
  • 3. Receive Your $200 Rebate
Popular

Level 1 Rebate

Deposit $1,000 and get $100 Rebate
$ 100 Rebate
  • 3 Simple Steps
  • 1. Register Using The Link Below (Promo-Code: WEBREBATE)
  • 2. Deposit $1,000 and place one trade at any non-Austalian market within 30 calendar days
  • 3. Receive Your $100 Rebate

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex Securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

EASY QUALIFICATION & LOW ENTRY
NEW CLIENT REBATE OFFER
EARN UP TO $200 CASH REBATE
Act Fast - Promotion Ends In
Click Here To Get Started
EASY QUALIFICATION & LOW ENTRY
NEW CLIENT REBATE OFFER
EARN UP TO $200 CASH REBATE
Act Fast - Promotion Ends In
Click Here For More Info