Research released by Market Forces on Wednesday found the biggest super funds were going cold on the two "climate wreckers" by dedicating a decreasing share of their members' investments to them.

The shareholder activist organisation is ramping up pressure on big carbon emitters and their stakeholders ahead of the next round of annual general meetings.

"Super funds must demand and deliver an end to Woodside and Santos' oil and gas expansion plans and publicly divest if they fail to comply," Market Forces campaigner Brett Morgan said.

For the first time, the research found Australia's top 30 super funds are committed to "active ownership" as a strategy for addressing environmental, social and governance issues, including climate risk.

Active ownership can include using voting rights as a shareholder to influence corporate behaviour and forcing investment decisions or climate action plans to be more sustainable or ambitious.

While some funds have increased the pressure on Woodside and Santos, others were failing to do so, including AustralianSuper, Brighter Super, Hostplus, IOOF and Qantas Super, according to Market Forces.

The analysis found the average super fund's default investment option was showing a trend of reducing investment exposure to Woodside and Santos over a two-year period, relative to the top 300 companies on the ASX.

Market Forces said this indicates funds are waking up to the fact that Woodside and Santos are failing to take the energy seriously, and are underestimating the risks it poses to the survival of oil and gas companies.

A national environment group has also urged super funds to push for board renewal at Woodside as expenditure on new oil and gas expands.

The hotly contended Scarborough gas project, in the Carnarvon Basin, about 375km off the coast of Western Australia, will produce around eight million tonnes a year and is targeting first LNG cargo in 2026.

According to industry consultants Wood Mackenzie, the globally cost-competitive project will be among the lowest-emission LNG projects in Australia.

For critics, Scarborough is a "climate bomb" equivalent to 15 new coal-fired power plants that will accelerate climate change.

Woodside released its latest action plan on Tuesday, including additional information requested by investors about the company's approach to climate change and the energy transition.

"I firmly believe Woodside is built to thrive through the energy transition and our Climate Transition Action Plan shows how we plan to achieve this," Woodside CEO Meg O'Neill said.

But the Australian Conservation Foundation said Woodside's net zero aspiration excludes most of the company's contribution to climate change by ignoring emissions from the combustion of the oil and gas it produces.

Further, claims of a reduction in operational emissions were dependent on purchased carbon offsets, with gross emissions rising.

"Woodside's tin-eared determination to forge ahead with the enormous Scarborough gas project puts at risk species like the pygmy blue whale, Australia's renewable export future and flies in the face of the science," campaigner Jonathan Moylan said.

Santos shareholders will meet in Adelaide on April 11, while Woodside's AGM will be held in Perth on April 24.

Australian Associated Press