Thursday 18 December: Security Leaders have joined shareholders calling on ANZ to uphold its climate commitments by ceasing finance for coal, oil and gas expansion, which undermines the safety of all Australians.
The calls by the Australian Security Leaders Climate Group coincide with ANZ facing a resolution lodged by more than 100 shareholders and Market Forces at its annual general meeting in Sydney, requiring the bank to prove how its fossil fuel finance aligns with global climate goals.
Since October this year, any financial support from ANZ to companies ramping up coal, oil and gas expansion is a contravention of its publicly stated commitments to the Paris Agreement.
Security leaders and shareholders are concerned ANZ has been backsliding by parroting the myth that more gas extraction is needed in the shift to clean energy and funding companies including Woodside, Santos and BP hellbent on expanding fossil fuels.
Ian Dunlop, Co-Founder, Australian Security Leaders Climate Group and former Chair, Australian Coal Association said:
“It’s beyond belief that ANZ, one of Australia’s biggest banks, is supporting companies to expand coal, oil and gas, fuelling catastrophic impacts, putting lives and humanity itself, at risk.”
“Accelerating climate change has now reached an extremely dangerous phase requiring emergency action, akin to wartime, if its existential threat to civilisation is to be averted.“
“The evidence is overwhelming, as climate-driven fires, floods, storms, death and destruction escalate globally, most recently evident in the devastation in Southeast Asia.“
“Recent raging bushfires attest to Australia being one of the countries most exposed to extreme climate risks that have been badly underestimated by the finance and banking industries.”
“Climate inaction and disinformation is the greatest threat facing Australia and the world today, and will be for the foreseeable future. It’s time ANZ cleans up its act and backs a liveable planet.”
Morgan Pickett, Senior Banks Analyst, Market Forces, said:
“ANZ claims it is acting in line with science, but the bank is Australia’s biggest funder of fossil fuel expansion, supporting massive new coal, oil and gas developments that will make climate change worse and drive up the cost of energy.”
“Australia’s corporate regulator recently slapped ANZ with a $240 million penalty and warned of fundamental issues in its risk and compliance culture. ANZ’s failings are laid bare in its reckless financing of fossil fuel expansion.”
“The fire alarm’s ringing and ANZ needs to wake up. If the bank is serious about protecting Australians from more severe bushfires, floods and deadly heatwaves, it must stop offering finance to companies developing new fossil fuels.”
Shareholders have joined with Market Forces and Australian Ethical to file resolutions at Westpac and ANZ, demanding the banks demonstrate how their finance for fossil fuel companies is aligned with global climate goals.
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