Media

The international Carbon Herald reports on CEF’s independent modelling that shows production major Woodside Energy and its partners may have to pay a carbon bill of up to A$63 billion from their gas fields by 2050 following the latest Safeguard Mechanism reforms, with Tim Buckley noting that “this is a clear commercial signal for Woodside to invest in decarbonisation.” Read more

Glen Walker head of advocacy and strategy for Greenpeace Australia Pacific responds to the address at the National Press Club yesterday by the Woodside Energy CEO Meg O’Neill. 49% of Woodside shareholders last year voted against the climate report, with the board and leadership completely dropping the ball on addressing climate change and managing climate risk. Glenn cites the CEF report, which quantifies a $63 billion Safeguard liability for Woodside’s gas projects. Read more

Carbon Pulse reports on CEF’s new analysis which finds Woodside will face a massive Safeguard liability if it fails to decarbonise. Read more

Federal political reporter at The West Australian, Dan Jervis-Bardy (formerly of Canberra Times) puts an incisive question to Woodside Energy CEO Meg O’Neill at the National Press Club of Australia today quoting CEF’s new analysis released overnight showing the massive multibillion dollar safeguard mechanism carbon liability the company and its JV partners are facing if they fail to abate emissions at their existing gas facilities and open up Browse and Scarborough. Read more

Woodside Energy and its partners are looking at a carbon gas bill of up to $63 billion by 2050 under new Safeguard Mechanism rules, according to a new report from Climate Energy Finance (CEF). This compares to the company’s market capitalisation is $64 billion. The reformed Safeguard Mechanism requires that Scope 1 emissions from Woodside’s two existing LNG processing facilities for the North-West Shelf (NWS) and Pluto fall by 4.9 per cent every year, while the two proposed gas fields must be net zero emissions from the start. Read more

Woodside chief executive, Meg O’Neill, says Australia needs new gas developments to protect against an energy shock, and has warned that well-funded protest groups risk choking supplies. Climate Energy Finance said in a new report that Woodside will expose itself to a multi-billion dollar liability if it progresses plans to expand gas operations in Western Australia’s north-west. Read more

New analysis showed Woodside and its partners would face a carbon bill of $63 billion under the safeguard mechanism out to 2050 if they proceed with the Scarborough and Browse projects. There is as yet no target date for a go-ahead on Browse, which would tap high-content CO2 fields off the Kimberley coast. Read more

Tim Buckley, director of Climate Energy Finance, estimates Woodside and its Scarborough and Browse LNG project partners face a safeguard mechanism carbon bill of $63 billion out to 2050 if they go ahead. Australian gas producers face the tightening of the safeguard mechanism to make it work as it was designed – as an effective cap-and-trade carbon pricing scheme. Read more

Woodside CEO, Meg O’Neill’s comments came as new analysis from the Climate Energy Finance group found Woodside would be hit with a $63bn carbon credits bill out to 2050 under the safeguard reforms if it goes ahead with its Browse and Scarborough LNG projects in WA. Read more

As CEF”s Matt Pollard writes, EV sales accounted for 15% of the global passenger vehicle market in 2022, up from just 5% in 2020. In February, EV sales in China hit a record 32% market share of passenger auto-sales, with fossil fuel-based vehicles falling 20% in absolute terms from February 2022. Capital deployment into clean energy technologies and supply chain diversification has turbo-charged EV sales, galvanised by the US Inflation Reduction Act (IRA) and the EU Net Zero Industry Act (NZIA). We look at the trends and implications for Australia. Read more

Via AAP syndicated in Canberra Times and a hundred plus mastheads. Climate Energy Finance (CEF) has tallied the cost based on the recently legislated emissions safeguard mechanism and the development of the proposed Browse and Scarborough mega-gas fields o the WA coast, if emissions at existing gas facilities are not cut. CEF is calling on the board to urgently re-evaluate the investment case for the projects, and use the recently legislated safeguard mechanism to invest in emissions reduction at its existing facilities. Read more

The scale of getting Australia to reach net zero emissions by 2050 is colossal. A new report says Australia’s electricity grid will need to triple in size and trillions of dollars will need to be spent, and gas-fired generation capacity will need to double in the coming decades, if the lights are to stay on Read more