Home > ANZ fails to rule out funding fossil fuel expansion amidst climate crisis

ANZ fails to rule out funding fossil fuel expansion amidst climate crisis

26 November 2021

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.

TAKE ACTION!
Contact ANZ using our form – tell the bank: until it stops funding new oil and gas, you won’t do further business with ANZ.

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.

Take action!

Tell ANZ that until it stops funding new oil and gas, you won’t do further business with the bank.

Name*
First Last
Email*
Are you an ANZ customer or shareholder?
- Yes
- No
I am an…
- ANZ customer
- ANZ shareholder
Subject (customer)
Subject (shareholder)
Subject (customer & shareholder)
Subject (neither customer nor shareholder)
Your message to ANZ (customer)
Dear ANZ, As a customer I am extremely disappointed that you have failed to rule out funding the expansion of the oil and gas industry despite there being no room for this if we’re to keep the climate crisis under control. The global goal of net-zero emissions by 2050 means no new fossil fuel supply projects, along with declines in the production of all fossil fuels; coal, oil and gas. A climate policy that allows continued funding for massive new oil and gas projects, and the companies pursuing them, is an invitation for catastrophic climate change. Have we not seen enough climate impacts to know that we must do everything possible to prevent this issue getting out of hand? I am urging you to immediately correct this policy to actually reflect the scale and urgency of the climate crisis, and align with the goal of net-zero by 2050 that you claim to support. Until you confirm you will no longer finance the expansion of the fossil fuel industry, in any way, shape or form, I will not be conducting any further business with ANZ. Sincerely,
Your message to ANZ (shareholder)
Dear ANZ, As a shareholder I am extremely disappointed that you have failed to rule out funding the expansion of the oil and gas industry despite there being no room for this if we’re to keep the climate crisis under control. The global goal of net-zero emissions by 2050 means no new fossil fuel supply projects, along with declines in the production of all fossil fuels; coal, oil and gas. A climate policy that allows continued funding for massive new oil and gas projects, and the companies pursuing them, is an invitation for catastrophic climate change. Have we not seen enough climate impacts to know that we must do everything possible to prevent this issue getting out of hand? I am urging you to immediately correct this policy to actually reflect the scale and urgency of the climate crisis, and align with the goal of net-zero by 2050 that you claim to support. Until you confirm you will no longer finance the expansion of the fossil fuel industry, in any way, shape or form, I will not be conducting any business with ANZ. Sincerely,
Your message to ANZ (customer and shareholder)
Dear ANZ, As customer and shareholder I am extremely disappointed that you have failed to rule out funding the expansion of the oil and gas industry despite there being no room for this if we’re to keep the climate crisis under control. The global goal of net-zero emissions by 2050 means no new fossil fuel supply projects, along with declines in the production of all fossil fuels; coal, oil and gas. A climate policy that allows continued funding for massive new oil and gas projects, and the companies pursuing them, is an invitation for catastrophic climate change. Have we not seen enough climate impacts to know that we must do everything possible to prevent this issue getting out of hand? I am urging you to immediately correct this policy to actually reflect the scale and urgency of the climate crisis, and align with the goal of net-zero by 2050 that you claim to support. Until you confirm you will no longer finance the expansion of the fossil fuel industry, in any way, shape or form, I will not be conducting any further business with ANZ. Sincerely,
Your message to ANZ (neither customer nor shareholder)
Dear ANZ, I am extremely disappointed that you have failed to rule out funding the expansion of the oil and gas industry despite there being no room for this if we’re to keep the climate crisis under control. The global goal of net-zero emissions by 2050 means no new fossil fuel supply projects, along with declines in the production of all fossil fuels; coal, oil and gas. A climate policy that allows continued funding for massive new oil and gas projects, and the companies pursuing them, is an invitation for catastrophic climate change. Have we not seen enough climate impacts to know that we must do everything possible to prevent this issue getting out of hand? I am urging you to immediately correct this policy to actually reflect the scale and urgency of the climate crisis, and align with the goal of net-zero by 2050 that you claim to support. Until you confirm you will no longer finance the expansion of the fossil fuel industry, in any way, shape or form, I will not be conducting any business with ANZ. Sincerely,
Yes, I want to hear more from Market Forces about this campaign
- Yes, I want to hear more from Market Forces about this campaign
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TOOK ACTION: ANZ policy update Nov 2021
- TOOK ACTION: ANZ policy update Nov 2021