Santos has increased its ambitions to cut emissions ahead of a vote on its climate credentials at its May annual general meeting, but the revised target is unlikely to satisfy campaigners seeking meaningful cuts in production to go with lower emissions.

The $27 billion oil and gas producer updated its climate strategy on Wednesday and pledged to reduce its direct emissions from 26 per cent to 30 per cent by 2030. It also said it’s aiming to cut emissions per barrel of production by 40 per cent this decade.

Santos chief executive Kevin Gallagher said more investment in gas production was needed to keep pace with demand and diversify supply sources.

“It is vitally important that new supply investment happens in a sustainable way,” Mr Gallagher said.

Santos’ shareholders will vote on its climate strategy at the annual general meeting on May 3, while the result is non-binding for the board, a rejection would be a savage blow to its environmental credentials.

Market Forces campaigner Will van de Pol said his impression of Santos’ strategy was that it planned to continue expanding its oil and gas production regardless of the fact that it is going to increase its overall emissions.

“The company spent 70 odd pages trying to tell investors it cares about climate change when really it’s taking the world in the opposite direction to where it needs to go,” Mr van de Pol said.

Santos plans for its Scope 3 emissions- those generated by its customers burning its oil and gas - is limited to a cut of 1.5 million tonnes a year, or about four per cent, by 2030.

Mr van de Pol pointed to an assessment by Santos that the value of its portfolio would halve under the International Energy Agency’s (IEA) scenario for net-zero emissions by 2050.