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 big polluters that 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 Climate-related Financial Disclosures:
“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 that fail to show leadership will fall behind.”