ANZ’s secret plan to cut thermal coal leaves Westpac out in the cold

6 December 2019

ANZ has internal plans to cut thermal coal mining exposure by 75% by March 2024.*

While this is a welcome ambition, ANZ has not confirmed the targeted 75% reduction officially in public policy.

Take a moment to tell ANZ to publicly confirm its secret plans to phase down thermal coal mining and to go further and align itself with the climate goals of the Paris Agreement.

Pending a material commitment from ANZ, Westpac is the only major Australian bank without a publicly revealed strategy to phase down exposure to thermal coal.

Unfortunately ANZ’s internal strategy isn’t all good news. For example, it also plans to increase metallurgical coal mining exposure despite the need for industrial emissions to fall substantially over the coming decades in line with the Paris Agreement. We’ve included all the relevant points in a response to Westpac and ANZ.

Take a moment to recognise the progress made by ANZ and call on Westpac to make a coal exit commitment!