ANZ has cemented its position as the biggest climate laggard of all Australian banks in its full-year results released today.
“ANZ is trailing well behind the other big banks, with head-in-the-sand policies that show a lack of real action and no commitment to addressing the climate crisis,” said Jonathan Moylan, ACF’s corporate campaigner.
“Rather than being a leader and aligning with global best practice, ANZ has chosen to lag behind, with its policies that ignore climate science and funnel money to our big polluters who risk our future and fuel further global warming, extreme weather events and deadly summers.
“While ANZ deserves some credit for being the last major Australian bank to commit to phasing out support for thermal coal by 2030, and disclosing a high-level assessment of their nature risks, its policies in other areas are weak and lacking.”
Key points from ANZ’s :
- In assessing the biggest emitters in its portfolio, including oil and gas customers, ANZ does not require targets for the climate-heating gases emitted when oil and gas are burnt (Scope 3 emissions) but only requires disclosure and progress. This is no more than would be required under the Government’s proposed mandatory climate-related financial disclosures, and is not aligned to Paris targets.
- ANZ’s coal commitment seeking diversification strategies by 2025 is currently limited to existing customers who have more than 50% thermal coal exposure. This does not cover many diversified mining companies who are large coal producers, and stands in contrast to the thresholds adopted by ANZ’s competitors.
- ANZ’s coal, oil and gas policies completely ignore the enormous amount they provide to customers in bonds. ANZ helped arrange a $2.5 billion bond for Glencore earlier this year, Australia’s largest coal producer who is planning large new coal projects.
“By completely ignoring bonds, ANZ could bind us to a future of sweltering and deadly summers – this must be addressed.”
Other banks – including Westpac and Commbank – have restricted bond finance to companies building new coal, oil and gas projects, sending a clear message to the fossil fuel industry that the time for change has arrived.
“The climate crisis risks the nature we love, people and ultimately the economy – banks like ANZ who fail to show leadership will fall behind.”
