ANZ’s new oil and gas policy has more holes than swiss cheese

26 November: ANZ has this morning announced their updated ESG lending policy, including for the first time restrictions on oil and gas lending, but fails to adequately meet their own commitment to net zero emissions by 2050. The policy merely requires existing customers to develop transition plans and report on their alignment with Paris goals.

According to 350.org Australia Campaigner, Kelly Albion, “ANZ’s attempt to pull the wool over our eyes with their new policy doesn’t fool us – it still leaves the door open to finance oil and gas projects that are putting communities and our climate in harm’s way.

“ANZ’s latest oil and gas exposure is $5.9 billion dollars, a far too hefty sum for a bank that is signed up to the Net Zero Banking Alliance. The new policy fails to reduce exposure to oil and gas in line with their climate commitments, and does nothing to prevent funding for new fossil fuel projects or the companies pursuing them.

“The International Energy Agency has said to hit net zero emissions by 2050, there can be no new fossil fuel projects. ANZ have not ruled out financing new oil and gas projects and have failed to align their policy with this target.

“Banks like ANZ are complicit in all of the emissions, human rights abuses and damage to cultural heritage that fossil fuel companies are responsible for, and until banks commit to ruling out all fossil fuel lending, communities aren’t going to let them off the hook.

Last month French bank Banque Postale ruled out financing oil and gas projects and will divest from those businesses by 2030.

“Internationally banks are putting out clear policies that will see finance move away from oil and gas while this ANZ policy has more holes than swiss cheese.

“ANZ had the opportunity to lead on climate finance in Australia by ruling out involvement in new oil and gas projects but instead they’re just trying to greenwash their image to protect them against the rising wave of investors and everyday customers who don’t want their funds invested in polluting industries.

“ANZ must revisit their policy immediately and commit to ruling out investment in new oil and gas projects, and phase out all existing investments by 2030.”

ENDS.

Kelly Albion is available for comment on 0422 636 775

Note: ANZ’s ESG update has their oil and gas exposure on page 34.