Woodside is making progress on $6 million worth of carbon farms

A review panel has approved Woodside Energy’s proposal to build a carbon farm in the Shire of Gingin, days after the oil and gas giant faced tensions over its climate action plan.

The Regional Development Assessment Panel unanimously approved Woodside’s $6 million plan to plant native tree species and create a forest on an agricultural plot in Karakin, about 5 miles southeast of Lancelin.

The proposed native forest would generate Australian Carbon Credit Units for Woodside, according to the DAP report.

“While there are several ways to secure an ACCU, in this case the native forest will essentially store and retain (retain) carbon for a period of 100 years,” the report said.

Business news reported that Woodside Energy Carbon (Services) acquired the 3,906 hectare Karakin Farm site in May 2023, valuing its land portfolio in the area at $50 million.

The proposed development would cover 3,017 hectares of land spread over four plots on the site.

Native species to plant include Marri, Coastal Blackbutt, Firewood Banksia and Stout Paperbark.

“We have been delivering many of these projects across the site since 2019, currently around 5,000 hectares per year,” Gareth Perry, head of Woodside Carbon land assets and business development, said at the meeting.

“We work very hard to be a good neighbor and we think we’re keeping that up at our locations so far.”

DAP chairman Tony Arias said there were concerns about the risk of bushfires but the applicant had approached this in a methodical way.

“It is interesting that this panel often considers the application to remove vegetation,” he said.

“This is something that is not necessarily trying to restore a natural environment, but trying to achieve a positive outcome from a vegetation perspective.”

Woodside held its annual general meeting last week, which was interrupted by activists and a campaign to oust chairman Richard Goyder in the run-up.

The company’s climate action plan was voted down by 58.36 percent of participating shareholders.

Prime Minister Roger Cook denounced the protesters’ actions but said the vote on Woodside’s climate action plan should send a message.