Metrics and Targets 35-36

Internal Carbon Prices

GPT applies an internal carbon price through our offset procurement strategy. Offsets have been purchased at an effective carbon price of approximately $30 per tonne through to 2027, with the associated costs budgeted as a recurring property operating expense for properties under management.

Scope of Application

The internal carbon price is applied to:

• Residual emissions that cannot be eliminated through our decarbonisation approach
• Base building operations for GPT wholly owned and managed assets
• Corporate operations emissions

How It Informs Decisions

The carbon price informs our approach to:

• Balancing reduction efforts versus offset costs
• Long-term renewable energy procurement strategies
• Capital allocation decisions for efficiency improvements and renewable energy investments
• Budgeting for recurring operating expenses related to achieving carbon neutral operations

Our current carbon planning price assumption projects a carbon price of ~US$63 per tonne of carbon dioxide equivalent (tCO2e) (real 2025) in 2030.

Internal carbon prices

Current approach to internal carbon pricing

The Group is currently exploring the implementation of environmental feasibilities which are presently considered more relevant to the business than the adoption of a carbon price, however this approach will continue to be assessed.

Status of internal carbon price application

The Group does not currently apply a formal internal carbon price in its decision-making processes. Instead, the Group focuses on environmental feasibility assessments as the primary mechanism for evaluating climate-related investments and decisions.

Ongoing assessment

The Group continues to assess whether the adoption of an internal carbon price would be appropriate for its business model and decision-making processes. This assessment considers the relevance and effectiveness of carbon pricing compared to other environmental evaluation methodologies currently in use.

Internal carbon prices

Woodside applies an internal carbon price in its investment decision-making and emissions abatement assessment.

Internal carbon price: Woodside's assumption on carbon cost pricing include a long-term carbon price of US$80/t CO2‑e of emissions (real terms 2024). Woodside continues to monitor the uncertainty around climate change risks and will revise carbon pricing assumptions accordingly.

Scope of application: This internal carbon price is applied to:

• Asset decarbonisation planning: As opportunities are studied and matured, and if they are safe, technically viable and have an abatement cost of <US$80/t CO2‑e they are considered for inclusion into business plans
• Investment decision-making processes that include the consideration of sustainability-related factors
• Setting budgets and capital allocation framework

Methane-specific pricing: For methane emissions reduction opportunities, we multiply our internal cost of carbon of US$80/t CO2‑e (real terms 2024) by 84 representing the higher global warming potential of methane in the near-term. This results in an effective price for methane of US$6,720/t emitted.

How it informs decisions: The internal carbon price helps prioritise abatement opportunities and ensures climate considerations are embedded in capital allocation and operational planning. For example, our US$80/t CO2‑e carbon price is above the last quarterly reported daily volume weighted average spot price for generic ACCUs of A$36.60 (approximately US$23.60), demonstrating our prioritisation of facility abatement before using carbon credits as offsets.

Carbon market data and forward-looking pricing insights continue to inform long‑term planning. In 2025, Yancoal's adopted carbon price prediction was informed by data from a leading carbon pricing platform and considered within Life‑of‑Mine Planning models. This information, including current ACCU market prices, forward curves, and high/mid/low pricing scenarios, supported carbon cost considerations and was applied in project and cost evaluation processes.

During 2025, we enhanced this process through the use of a carbon‑pricing analytics platform, which provides market data and forward‑looking insights to support Life of Mine planning and internal project evaluation. This information is considered alongside scenario‑based price projections, including those that incorporate a carbon price.