Woodside’s latest report a ‘fail’ despite profit more than tripling, climate activists say

Critics say energy giant’s windfall gain from price rises in wake of invasion of Ukraine will likely prove short-lived as markets accelerate shift to renewables

• Follow our Australia news live blog for the latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Woodside faces more challenges of its climate stance at its upcoming shareholders gathering with activist groups dismissing its latest annual report as a “fail”.

The energy giant on Monday released its climate report 2022 while also revealing its underlying profit had more than tripled to US$5.2bn ($7.7bn). A 63% increase in energy prices to US$98.40 a barrel of oil equivalent in the wake of Russia’s invasion of Ukraine buoyed results that fell about 9% shy of investors’ expectations.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup