Woodside Energy is heading for a showdown with activist shareholder groups at its upcoming annual shareholder meeting after announcing a new climate target for 2030 involving Scope 3 emissions that some branded as “meaningless” and lacking credibility.

News of the oil and gas producer’s goal to target investments in clean energy projects that can cut CO₂ emissions by 5 million tonnes came as it posted a 37 per cent drop in benchmark profit for the full year, dragged down by softer oil and gas prices.