A Federal Court action brought by activist shareholder group the Australasian Centre for Corporate Responsibility (ACCR) against Santos Ltd (ASX:STO) — alleging the oil and gas producer breached corporations and consumer laws through misleading “clean energy” claims — has been dismissed.
The ACCR said the proceeding was the first globally to test the accuracy of a company’s stated pathway to net zero emissions.
In a ruling handed down on Tuesday, Justice Brigitte Markovic dismissed the case. Her detailed reasons are due to be published on Monday.
The ACCR’s case centred on three areas: claims that Santos produces “clean energy” and that natural gas is a “clean fuel”; claims that Santos’ blue hydrogen — produced from gas using carbon capture and storage — is “clean” and “zero emissions”; and claims that Santos has a clear and credible pathway to reach net zero emissions by 2040.
The matter was heard over three weeks across October, November and December 2024.