Australian oil and gas company Santos is being sued for allegedly misleading investors about its decarbonization plans, in a case that could have global implications for the industry.
In the most recent in a long line of oil and gas companies to be accused of greenwashing, Australia’s second-largest independent oil firm is being sued by the Australasian Centre for Corporate Responsibility ACCR for misguiding consumers on its decarbonisation aims. The ACCR is a shareholder activist group that has purchased shares in several high-emissions companies to try to encourage them to pursue Paris Climate Agreement targets.
” Santos is worth approximately $22 billion and operates both onshore and offshore in Australia, the U.S., Papua New Guinea, and Timor-Leste. The court judgement is being watched closely by activist groups around the globe that hope it will put greater pressure on oil and gas companies to be more transparent about their environmental impact and climate efforts going forward.
ACCR Greenwashing Climate Change Net-Zero Emissions Carbon Capture And Storage Fossil Fuels Oil And Gas Industry Shareholder Activism Environmental Litigation
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