Extinction Rebellion, a climate activist group, has taken action this morning by targeting the offices of Wood Plc, previously known as Wood Group, in Aberdeen and Staines. In Aberdeen, activists knelt to the ground while fake oil was poured on them outside the company's offices. At the Wood base in Staines, Surrey, the activists sprayed fake black crude oil on the building.

Extinction Rebellion's actions were motivated by their reference to a "green future loan" worth £430 million, which Wood Plc received in 2021. This loan, supported by international banks and guaranteed by the UK Government, was intended to promote environmentally friendly practices. However, a report from The Guardian last month revealed that oil and gas operations from Wood had increased, while investments in renewables had decreased during the same period. It is worth noting that Wood Plc has already repaid two-thirds of the loan since its issuance in 2021.

The activists emphasized that Wood Plc had announced 20 new major contracts related to oil, gas, and petrochemical infrastructure, as well as the sale of an important environmental business. It has been understood that Wood Plc has secured at least 20 low-carbon contracts since the loan was announced.

Wood Plc, headquartered in Aberdeen, has a new executive team that launched a strategy in November aimed at significantly increasing revenue from sustainable solutions through technologies like hydrogen and carbon capture and storage (CCS).

Extinction Rebellion also mentioned Wood's founder, Sir Ian Wood, even though he has not been associated with the company for years. They referred to his recommendation in the Wood Review, known as Maximising Economic Recovery (MER), which led to the formation of the NSTA industry regulator.

In response, a spokesperson from Wood Plc stated that the company remains committed to playing a critical role in the energy transition, both in the short and long term. They highlighted their expertise in clean energy solutions such as green hydrogen and CCUS (carbon capture, utilization, and storage). They also mentioned their support for clients in the oil and gas industry to decarbonize their operations.

The spokesperson explained that the loan's key performance indicators (KPIs) focused on reducing their own emissions and increasing sustainable revenues. Wood Plc claimed to have achieved a 65% reduction in their scope one and two emissions. They acknowledged that a change in their business, following the sale of the Built Environment business in 2022, had contributed to a reduction in sustainable revenues. However, they expressed optimism about significant growth in sustainable revenues from sectors such as hydrogen and CCUS, extending beyond 2025.

The confrontation between Extinction Rebellion and Wood Plc highlights the ongoing tension between environmental activists and companies in the energy sector. While Wood Plc emphasizes its commitment to the energy transition, activists are urging for more substantial action to align with climate goals. The outcome of this dialogue will shape the company's future trajectory and its impact on the environment.