Thursday 19 December: Climate change scientists have backed hundreds of shareholders demanding ANZ and all big four Australian banks meet their climate commitments by ending finance for companies developing new and expanded fossil fuel projects.
The calls by scientists coincide with ANZ facing a resolution from over 100 shareholders and Market Forces at its annual general meeting in Melbourne, demanding the bank demonstrates how its fossil fuel funding will align with global climate goals.
ANZ has been Australia’s biggest lender to fossil fuels since the Paris Agreement was signed in late 2015. Between 2016-2023, ANZ poured over $20 billion into fossil fuels, with $12 billion funding new or expanded coal, oil and gas projects and the companies developing them.
Will van de Pol, CEO, Market Forces said:
“The world’s leading climate scientists have said for years that fossil fuel expansion is incompatible with a safe climate, yet ANZ has buried its head in the sand and continues funding the problem.”
“ANZ’s greenwash won’t cut it anymore. The bank needs to put its money where its mouth is and align its financing with global climate goals.”
Bill Hare, Climate Scientist and CEO Climate Analytics said:
“The global community has called for action to align with the Paris Agreement’s 1.5 degree Celsius limit and the science tells us that means no new fossil fuel development including oil and gas, and transition away from these fuels quickly.”
“The UN Secretary General’s High Level Expert Group on Net Zero, of which I was a member, called for companies to align their investments and actions with a fossil fuel phase out.“
“By enabling new fossil fuel developments the ANZ is being completely inconsistent with the science, and effectively undermining global efforts to limit warming to 1.5 degrees C”
Nigel Tapper, Climate Scientist and Emeritus Professor said:
“The latest information on Australia’s emissions reductions shows that we are falling short of the reduction required to achieve a 43% cut over 2005 levels by 2030. That goal is still possible, but we must immediately shift our energy investments away from fossil fuels towards renewables. There is no time to lose.“
“It makes no commercial sense for our largest financial institutions to be investing in large new fossil fuel projects. Apart from the financial risk of stranded assets in the fossil fuel sector, the rapid growth and innovation in the renewables sector offers more sustainable and lucrative investment opportunities.“
“2024 will almost certainly be the first year to break through the 1.5C warming threshold that has clearly been driven by fossil fuel consumption. Supporting such industries clearly contradicts our commitments under the Paris Agreement to limit global temperatures to well below 2.0°C.“
Lesley Hughes, climate change scientist and Emerita Professor of Biology said:
“As a climate change scientist, I’m horrified that ANZ is still lending to companies opening up new coal and gas mines leading to irreversible global warming.“
“It’s high time ANZ meets its climate commitments by ending any funding for companies steamrolling ahead with new fossil fuel coal, gas and oil projects.“
Shareholders have joined with Market Forces and Australian Ethical to file resolutions at Westpac and NAB. Market Forces has also lodged a resolution at ANZ, all demanding the banks demonstrate how their finance for fossil fuel companies will align with global climate goals.
For media inquiries and interviews, contact:
Antony Balmain, +61-423-253-477, [email protected]