Woodside Petroleum has acquired nearly all carbon emission offset credits it needs for its 2030 emission reduction target.
Woodside hasn’t revealed the total amount spent on Australian Carbon Credit Units (ACCU). However, recent government decisions altering the carbon market have made it markedly cheaper for polluters such as Woodside to offset their emissions with ACCUs.
By lowering the value of these units, a result of the federal government flooding the market with new carbon credits, companies such as Chevron have been able to save up to $90 million on offsetting its Gorgon gas facility.
New research from the Australia Institute has found that the Emissions Reduction Fund, the source of all ERFs, has failed to reduce Australia’s emissions, with evidence showing that it is in fact facilitating increased emissions.
Callum Foote a journalist and Revolving Doors editor for Michael West Media.
Callum has studied the impact of undue corporate influence over Australian policy decisions and the impact this has on popular interests.