Woodside share price falls amid slumping oil prices as the gas producer allows an investor vote on its 2022 climate change report.
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The Woodside Petroleum Limited (ASX: WPL) share price is down 2.61% today as the oil and gas producer becomes the latest company to announce its shareholders can vote on its 2022 Climate Change Report.
ASX energy shares facing investor pressure on climate change
Woodside said it would only allow investors to cast an advisory, non-binding vote on its annual climate change report at next year’s AGM, as the gas producer becomes the latest energy company to face significant pressure over its strategy to cut emissions.
Woodside Chair Richard Goyder said the company was already as transparent as required around its action on climate change.
We will continue to engage with shareholders in 2021 to inform the content of Woodside’s climate reporting ahead of the non-binding shareholder vote in 2022, and on the risks and opportunities for Woodside arising from the energy transition.
Woodside supports the TCFD framework and the goals of the Paris Agreement. We already report on the impact of climate change on our present and future activities, as well as progress against credible emissions reduction targets.
Woodside currently has a target of net-zero emissions by 2050 and its board recommended investors vote against two motions aimed at increasing reporting around its emission-reduction commitments.
Woodside share price facing slumping oil prices, falling revenue
Woodside is the largest producer of oil and gas in Australia but its revenue declined 35.21% from the end of 2019 to 2020, While its share price has risen 52.73% over the past 12 months, that’s still down over 7% against the energy sector.
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Motley Fool contributor Lucas Radbourne-Pugh 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 Bruce Jackson.