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.
Woodside's decision follows similar announcements by other leading ASX companies Rio Tinto Limited (ASX: RIO), down 1.2% today, and rival Santos Ltd (ASX: STO), down 2.32%.
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.
The largest drag on Woodside's share price is slumping oil prices, sinking for the fifth day in a row yesterday on the back of slow COVID-19 vaccine rollouts and the strengthening US dollar.
