Speak to a specialist

Register and we will customize a solution that meets your exact needs. When you speak to one of our experts, you may be qualified to sample our industry-leading products on a no-cost basis.

You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.
Generic Hero BannerGeneric Hero Banner
Latest market news

Greenpeace, Australia's Woodside drop emissions case

  • Market: Emissions
  • 22/04/26

The Australian arm of environmental campaign group Greenpeace's greenwashing suit against oil and gas producer Woodside has been dismissed from the Federal Court of Australia with the consent of both parties, they announced today.

The court did not publish any ruling or decision given that both parties agreed to drop the case. Woodside and Greenpeace will bear their own legal costs, they said on 22 April.

Greenpeace filed its case against Woodside on 13 December 2023, claiming the company had misrepresented its performance on reducing greenhouse gas (GHG) emissions through carbon credit offsets. Woodside had not accounted for scope 3 emissions, which made up 90pc of its total, in its net zero 2050 ambition, Greenpeace said on 14 December 2023.

Woodside also falsely claimed it had cut emissions from oil and gas extraction by 11pc in 2022, while increasing GHG output by 3pc, Greenpeace said.

Woodside's climate report was subsequently rejected by 58pc of investors in April 2024 due to concerns about the company's emissions reductions plans beyond 2030.

Greenpeace said Woodside changed how it was presenting its carbon emissions reduction plans while the case progressed, taking that "as a win" despite the dismissal announced today. Woodside removed a banner from its website in July 2025 stating its goal to reach net zero by 2050 or sooner, the climate activism group noted.

Woodside, in turn, said it welcomed the outcome.

The firm was the eighth-largest emitter under Australia's National Greenhouse and Energy Reporting Act in the July 2024-June 2025 fiscal year, at 8.2mn t of CO2 equivalent (CO2e) of scope 1 emissions.

Its North West Shelf Project operation surrendered the most carbon credit units under the safeguard mechanism for that year.

By Juan Weik and Daniel Gage-Brown

Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
22/04/26

EU publishes energy crisis plans

EU publishes energy crisis plans

Brussels, 22 April (Argus) — The European Commission today published a series of actions to address what it called a "fossil energy" crisis, as the war in the Middle East continues to disrupt global oil and gas supplies. The commission estimates the EU has spent an additional €24bn on energy imports since the conflict started, reflecting higher prices and tighter supply. Commission president Ursula von der Leyen said the bloc must accelerate the shift to domestic and clean energy to strengthen energy security and reduce dependence on imports. A central element of the plan is closer co-ordination among member states, including on refilling underground gas storage and, if required, emergency releases of oil stocks, as outlined in previous drafts . To improve oversight of fuel markets, the commission confirmed it will establish a new EU Fuel Observatory from May 2026. The body will track EU production, imports, exports and stocks of transport fuels, as well as refining capacity and military fuel stocks. The commission said it will also co-ordinate with EU states, fuel suppliers, airports and airlines on sourcing and distributing alternative jet fuel supplies. Officials are assessing whether jet fuel should be included in obligatory strategic stocks. Other measures include a temporary state aid framework to support the most exposed sectors. The commission's executive vice-president Teresa Ribera said there was "no alternative" to the Green Deal, the EU's climate and energy transition strategy, adding that "citizens and businesses are paying the price of our dependency". The commission's final document addresses calls by five EU ministers for a windfall levy on energy firms, saying member states may take measures to tax windfall profits "to ensure social fairness". The commission said it will respect national decisions and share best practices. The commission also wants to increase annual renewable electricity deployment to 100GW as part of efforts to cut reliance on imported fossil fuels. The commission said it will adopt a legislative proposal by July to update the EU emissions trading system (ETS). But officials declined to give a firm timetable for publishing updated ETS benchmarks, saying only that this would happen "soon". Officials said the ETS review would increase clean energy financing via the Industrial Decarbonisation Bank, supported by €100bn, and the Investment Booster funded by 400mn ETS allowances. The commission is also considering greater support for sustainable aviation fuel (SAF) and sustainable maritime fuels through the ETS framework. While many of the measures are recommendations to member states, changes to the ETS require approval by the European Parliament. Green MEP Michael Bloss criticised the absence of an EU-wide windfall tax, the lack of concrete consumption reduction measures and delays in setting a firm electrification goal. Speed limits and home-working rules are free and sharply reduce consumption, he said. "Fuel discounts artificially stimulate demand, provide little relief and do so indiscriminately, and in the end cost consumers three times over," Bloss added. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Find out more
News

US House task force readies new biofuel policy

21/04/26
News
21/04/26

US House task force readies new biofuel policy

New York, 21 April (Argus) — A group of Republican US lawmakers has returned to an earlier idea for reforming biofuel policy that would prevent larger companies from winning exemptions from biofuel blend mandates, but with a new carve-out for refineries at risk of closing. The US House of Representatives task force has been debating the thorny issue for months, hoping to arrive at a final bill that would limit so-called small-refinery exemptions and expand access to a cheaper gasoline blend that contains more ethanol. The council's latest plan, according to five people familiar with the plan and bill text seen by Argus , would restrict exemption eligibility to companies with no more than 75,000 b/d of total refining capacity starting in 2028. The bill closely tracks a January proposal negotiated in large part by the American Petroleum Institute and ethanol advocates. That plan was removed from legislation to fund the government earlier this year amid backlash from some oil refiners. The House task force has more recently floated other ideas, including capping the annual impact of exemptions but letting various companies apply, but those plans failed to earn support from refiners and oil-friendly lawmakers. The latest proposal, like earlier drafts, would allow year-round sales of gasoline blends containing 15pc ethanol (E15), which farm groups have pitched as a way to help corn growers and drivers alike. Regulators for years have taken emergency action to waive summertime E15 limits that prevent its sale in much of the US, but permanent access requires legislation. The latest bill comes after President Donald Trump's administration last month set record-high biofuel quotas despite concerns from refiners that the mandates would spill into already-rising pump prices. Oil companies comply with the program by blending biofuels themselves or buying often-costly Renewable Identification Number (RIN) credits from those that do. Refineries that process no more than 75,000 b/d of crude currently can apply for the annual hardship exemptions, which farm groups and biofuel refiners say hurts demand for their products. But under the latest proposal, only companies with 75,000 b/d or less of collective refining capacity across all their facilities could qualify for relief starting in 2028. Those refiners would win automatic 75pc exemptions from biofuel quotas. That would reduce the pain of the mandates on smaller refiners like Ergon but would cut off larger companies that own smaller units, including oil majors like Chevron and mid-sized refiners like HF Sinclair and Par Pacific. The proposal could soon be sent to the House Rules Committee in hopes that lawmakers agree to add it as an amendment to the Farm Bill, a major agricultural policy package historically adopted every five years, people close to the debate said. 'At-risk' refineries carve-out The one notable addition to prior proposals is a special carve-out for "at-risk" small refineries, an effort from lawmakers to assuage oil company concerns that rising biofuel mandates threaten US refining capacity. Small refineries, including those that are part of larger companies, could request these special exemptions if they can prove that they are at an "imminent risk of closure" or that they are converting into a refinery that makes biofuels instead. But that carve-out would be capped each year, starting at 150mn RINs in 2028, limiting the potential relief if multiple facilities warn they could soon idle. The Trump administration exempted nearly 1bn RINs from blend requirements for the 2024 compliance year. Another holdover from earlier drafts is a provision compensating some unnamed small refinery owners for past compliance by returning to them special RINs that do not expire. A framework shared with Argus earlier this year, tied to an earlier E15 proposal, estimated regulators could give those companies 363mn special RINs under the provision. The proposed reforms would make the program more predictable, after different presidential administrations have whipsawed from rejecting exemption petitions en masse to granting them generously. But lawmakers' past ideas have been received coolly by farm and oil interests alike, and there is no guarantee the latest plan will be added to larger legislation that could win passage in the closely divided Congress. Some Republicans in the US Senate, including agriculture committee chair John Boozman, support E15 but have been wary of limiting small-refinery exemptions. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

EU eyes rules excluding existing Corsia Phase 1 supply

21/04/26
News
21/04/26

EU eyes rules excluding existing Corsia Phase 1 supply

London, 21 April (Argus) — The entire existing supply of first-phase credits tagged for approval under the Carbon Offsetting and Reduction Scheme for International Aviation (Corsia) could become ineligible in the EU under additional requirements to be proposed by the European Commission, according to a draft document seen by Argus today. The document proposes excluding from Phase 1 compliance (CP1) for EU-based airlines "at least" units issued under high forest, low deforestation (HFLD) methodologies — activities credited based on existing carbon stocks — and credits issued by projects whose fraction of non-renewable biomass (fNRB) is above the host country value, as adopted in Table 3 of version 3.0 of TOOL33 of the Clean Development Mechanism. None of the existing CP1-tagged credits meet the proposed requirements, the EU said. A jurisdictional reducing emissions from deforestation and forest degradation (J-REDD+) project in Guyana, which has issued around 25mn of the total 33mn credits in the scheme, was an HFLD initiative. "Crediting the mere existence of stocks does not contribute to addressing climate change, for which real additional anthropogenic impact on stocks are needed, whether in the form of removals or emissions reductions," the document says. Its fNRB restriction aims to curtail over-crediting and align with methodologies under Article 6.4 of the Paris Agreement. Under the proposed rules, clean cookstove projects could cancel some of their credits to reach the volume they would have issued with an appropriate fNRB value and become eligible ex-post. This would make about 10pc of existing credits eligible. The EU would not impose any additional requirements on accepted registries for Phase 1 to those listed by Corsia's ruling body the International Civil Aviation Organisation (Icao), the commission said in the draft. For Phase 1, only credits supplied by countries that are members of the Paris Agreement and apply Corsia would be eligible for compliance. About 100 countries meet both requirements from 2027 onwards, the EU said. It proposed updating the list of countries annually. The commission may at a later date also propose that credits only be eligible if the host country specifies "authorisation or issuance" and not "use or cancellation" for export when notifying "first transfer" — establishing the obligation to apply a corresponding adjustment in an upcoming biennial transparency report. The carbon would therefore have to be accounted for at authorisation or issuance, rather than when the buyer uses it or cancels it, preventing host countries from stepping back from their obligations. And the commission could propose more stringent requirements under Corsia's second phase, from 2027-35. This could include limiting eligibility to credits supplied under Article 6.4's Paris Agreement Crediting Mechanism (Pacm), and possibly to other credits of equivalent standards, the draft said. It could also impose more stringent carbon reporting standards on project host countries that would have to be considered at a "later stage" to ensure alignment with the relevant provisions dealing with international credits post-2030. The draft would, if approved, sharply constrain supply, and it is a "sub-optimal outcome", one market source said. European airlines have been holding off from procuring Corsia-eligible credits in anticipation of potentially more stringent requirements being imposed. Activity from end-users in Asia has also been dampened by budgets tightened by disruptions from the Middle East war, and because they are looking to Europe for clarity. By Alexandra Luca Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Renewables mean energy security: Turkey, Australia

21/04/26
News
21/04/26

Renewables mean energy security: Turkey, Australia

Edinburgh, 21 April (Argus) — Energy security will come through "strong decarbonisation" and shifting to renewables because fossil fuels "do not guarantee supply security", the climate ministers of Turkey and Australia said today, adding that the topic of transitioning away from fossil fuels will be further addressed at the UN Cop 31 climate summit. The countries are working together to prepare the Cop 31 climate summit in Antalya later this year, with Turkey hosting the conference and Australia heading climate negotiations. The energy crisis stemming from the war in the Mideast Gulf has "clearly shown us that fossil fuels do not guarantee energy supply security" and countries should invest in "alternative energy sources" to support stability, resilient and clean development, upcoming Cop 31 climate summit president and Turkey's environment minister Murat Kurum said today. "Every country has to be independent and this should come through clean energy sources", including renewables, hydrogen and ammonia, he said. "We know that relying solely on fossil fuels means walking towards volatility, insecurity and climate collapse", he said during the 17th Petersberg Climate Dialogue in Berlin as he laid out Turkey's vision focused on implementation for Cop 31. "As we all agreed in Dubai, we emphasised how important the need for alternative energy sources and the diversification of countries' energy is, in line with national circumstances," he said. Almost 200 countries agreed to transition away from fossil fuels at the Cop 28 climate summit in 2023 and developed nations agreed to deliver $300bn/yr to developing countries by 2035 at Cop 29 in Baku. Kurum urged countries to fulfil commitments made at previous climate summits, including on finance and energy, asking those that did not summit climate plans — or nationally determined contributions (NDCs) — to do so. Around 43 countries have yet to submit their NDCs, according to Kurum. Australia's climate and energy minister Chris Bowen said the crisis is a unique opportunity to show that energy reliability, sovereignty and security go hand in hand with "strong decarbonisation", and he welcomed Germany's push for a discussion on electrification at the Petersberg Climate Dialogue. German environment minister Carsten Schneider said today he wanted to discuss how to tackle the topic of electrification before Cop 31 and how countries can successfully advance the topic. "Doubling down on fossil fuels is not the answer to that crisis," Bowen said. "Wind cannot be subject to sanctions, sun cannot be interrupted by a blockage", he said, referring to the shipping interruption in the strait of Hormuz caused by the US-Israel-Iran war. "At the end of the day, we have to take steps to help countries to transition towards clean energies and in terms of phasing out fossil fuels," Kurum said. He said Cop 31 will address the phase out of fossil fuels, so the world moves away from them. Clean energy will be one of the topics of Turkey's action agenda at Cop 31, Kurum said. Bowen pointed out there were "three processes" under way ahead of Cop 31, including the Belem roadmap on transitioning away from fossil fuels under the responsibility of the Brazilian Cop 30 presidency, and a global implementation accelerator and the Belem Mission to 1.5°C that were both agreed by the Cop parties last year. "I am very confident we can bring these processes together," Bowen said. The Cop 30 presidency last year pledged to oversee the creation of a roadmap on fossil fuels as countries failed to agree to address the topic in the summit's text . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Mideast Gulf war 'locks in' higher fossil fuel cost: UN

21/04/26
News
21/04/26

Mideast Gulf war 'locks in' higher fossil fuel cost: UN

Edinburgh, 21 April (Argus) — The war in the Middle East has "further locked in much higher fossil fuel costs for months and likely years to come", UN Framework Convention on Climate Change (UNFCCC) executive secretary Simon Stiell said today. The war is "delivering a gut punch" to every country, he told ministers from more than 40 countries during the opening of the closed-door 17th Petersberg Climate Dialogue in Berlin. "Fossil-fuel driven stagflation is now stalking economies — driving up prices, driving down growth, pushing budgets deeper into quagmires of debt, and stripping away governments' policy options and autonomy," he said, adding that climate co-operation was key to fight global heating and "fossil fuel cost chaos". He urged ministers to turn commitments into projects and to match targets with solutions. The Alliance of Small Island states (Aosis) said the case for advancing to more sustainable energy sources "has never been more clear", because dependence on fossil fuels exposes economies to shocks. The group is urging developed countries to take the lead in the global transition away from fossil fuels. The EU will present a new strategy and targets for electrification before the summer. The bloc remains behind China and the US on that front, EU energy commissioner Dan Jorgensen said last week. Higher fossil fuel costs are "the brutal reality of fossil fuel dependency and it is a reality Europe cannot afford to keep accepting". The war added more than €20bn ($23.5bn) to Europe's fossil fuel import costs, "with not a single extra molecule of energy to show for it", he said. The Petersberg Climate Dialogue aims to bring together countries to prepare negotiations at UN Cop summits. The meeting comes a week before around 50 countries are due to gather for the first conference on transitioning away from fossil fuels co-hosted by Colombia and the Netherlands. Fossil fuel producers Canada, the UK, Norway, Angola, Mexico, Brazil, Senegal and Australia will take part in the talks . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Related Products

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Independent market valuation tool to support investment and trading decisions on North American Electricity markets
Find out more

Argus North American Long-Term Electricity Forward Curves

Argus North American Long-Term Electricity Forward Curves

Independent market valuation tool to support investment and trading decisions on North American Electricity markets
Find out more

Argus Carbon

Carbon price benchmarks, policy and project news, and deep analysis, on a daily basis.
Find out more

Argus Low Carbon Hydrogen Strategy Report

Part Three: Americas. An in-depth analysis of the key sectors, countries and policies enabling hydrogen growth. 
Find out more

Argus Hydrogen and Future Fuels

Costs, prices, news and analysis for the hydrogen and P2X sectors
Find out more
Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more