26 November 2021
ANZ, a bank purportedly committed to net-zero emissions by 2050, today released an updated climate policy that does nothing to prevent it from funding new climate-wrecking oil and gas projects and the companies pursuing them.
The policy update comes just months after the International Energy Agency (IEA) concluded that achieving net-zero by 2050 leaves no room for expansion of the fossil fuel industry.
Despite the IEA’s findings clearly ruling out new fossil fuels if we are to limit warming in line with net-zero by 2050, ANZ today gave climate-wrecking gas giants like Woodside and Santos until at least 2025 to continue with business as usual. Meanwhile, its newly established plan to reduce emissions intensity in its power generation portfolio allows it to continue lending unrestricted to new and existing gas-fired power plants.
According to Market Forces analysis, since 2016 ANZ has loaned $2.7 billion to ASX300 companies pursuing new coal, oil and gas developments including New Hope Coal, Santos and Woodside. Today’s announcement does nothing to prevent the bank pouring further billions into these and other companies that are destroying our chances of reining in runaway global warming.
Tell ANZ that until it stops funding new oil and gas, you won’t do further business with the bank.