Kelly O`Shanassy, executive director of the Australian Conservation Foundation, likened climate policy to “no baby,” but said banks needed to move faster and apply hard ratios to oil and gas companies so they could align with the Paris agreement on zero net emissions by 2050. We call on ANZ to strengthen its new policy commitments by excluding any investment in thermal coal, gas and oil by 2030, by not investing in new or expansive oil and gas projects and by separating from these fuels in accordance with the Paris climate agreement. Commonwealth Bank, NAB and Westpac also made statements recognizing the initiative to issue zero net emissions until 2050. To support our path, we have developed a decarbonization roadmap that will help guide action across the company – not just in operational activities – but also in how the entire organization thinks about carbon reduction. From people teams to IT to shopping, everyone has to be involved. The Climate Leaders Coalition wants to help New Zealand move to a low-emissions economy and create a positive future for New Zealanders, the economy and the economy. The plan was severely reprimanded by the Nationals: Agriculture Minister David Littleproud called for a boycott of the bank and Deputy Prime Minister Michael McCormack said the bank`s plan was a “virtuous signal” that would harm farmers. This situation is particularly worrying, as since 2016, the Bank has lent AUD 2.2 billion to 17 fossil fuel industry expansion projects, freeing up 4.1 billion tonnes of CO2, including many oil and gas projects. Just last week, ANZ santos highlighted a $750 million loan, with the bank itself taking on $50 million in debt. Santos is developing the gas sector with projects such as the controversial Narrabri Gas project, and its board of directors has rejected a shareholder proposal to align investment and emissions reduction plans with Paris climate targets. The ANZ has not only a terrible record in terms of financing dirty energy, but also the weakest climate and energy policy of the big banks. Unlike any other major bank, ANZ has not committed to removing thermal coal and its current commitments allow it to continue lending to and continue to lend to most types of coal and the vast majority of fossil fuel companies and projects.
. It seems that this is another rather insignificant commitment, as it is hard to imagine which customers ANZ refers to. Market forces note that at the time of the directive`s publication, ANZ was unable to identify which companies this directive would apply to. What does this mean for ANZ? A clear start would be a policy that would exclude all new investments that extend the fossil fuel industry and exit thermal coal by 2030, in accordance with the Paris Agreement. In addition, the Bank must commit to actively reducing its commitment to oil and gas in order to achieve the ultimate objectives of the Paris Agreement. Oct 27, 2020 | Coalition of Climate Leaders; Mark Whelan, Chairman of the Board of the ANZ Sustainable Business Council, informed investors via his Bluenotes blog that the new approach had forced the bank to “take strong measures to support the Paris agreement.” Last December, the warehouse group participated in the 25th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP25) in Madrid. This was done at the invitation of the Minister of Climate Change, James Shaw, to be part of a New Zealand economic delegation. The COP is the annual forum where governments, non-governmental organizations and businesses encourage regulation and commitments to combat climate change. We have been invited to New Zealand for our leadership in the development of