Woodside scraps clean energy target, posts 7% first-half profit rise

Woodside Energy has abandoned its longer-term emissions target and $5 billion in planned clean energy spending by 2030, shifting its focus to its core oil and gas business. CEO Liz Westcott stated that the company is on track to meet its 2030 emissions reduction target but will cut Scope 3 target, which covers emissions from use of its products.

The move comes after Woodside scrapped its clean energy investments in the U.S., including a green hydrogen project in Oklahoma, citing lack of market support. Despite the shift, the company reported a 7% rise in first-half profit, reaching $1.33 billion, and expects more trading gains after redirecting cargoes to better-priced markets during the Middle East crisis.

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