Major LNG producer challenged on clean claims in landmark case
One of the world’s first legal challenges over corporate greenwashing kicked off in an Australian court, with an activist shareholder group claiming natural gas producer Santos Ltd. misled investors on its climate targets.
The Australasian Centre for Corporate Responsibility said Monday in the Federal Court that Santos breached local laws with claims in 2020 and 2021 reports that it would reduce scope 1 and 2 emissions by 30% by 2030, zero out those emissions by 2040 and that its natural gas is a “clean fuel.”
The Adelaide-based company, a major producer of liquefied natural gas for buyers in Asia, didn’t respond to an emailed request for comment. It denied the claims in the court, according to the Australian Associated Press.
The case highlights the controversy over the role of natural gas as nations seek to limit pollution to curb the effects of climate change. Producers have argued that the fuel emits just half the carbon dioxide of coal in electricity generation and is therefore vital in the transition to renewable energy, but critics argue that doesn’t account for factors such as methane leaks, with a Cornell University study this month stating LNG’s greenhouse gas footprint is actually greater.
Santos has no “clear pathway” to achieve its emissions reduction goals and no “reasonable grounds” to set them given its planned expansion of oil and gas projects, ACCR lawyers said Monday.
“They are all targets, they’re not promises or predictions to achieve those outcomes,” the company said in its opening statement, according to the AAP.
The case will continue for several more weeks, with closing submissions due to be heard in mid-November.
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