ANZ earmarks $67 bln to accelerate net zero transition
Sydney, The Gulf Observer: Australia and New Zealand – ANZ Banking Group Ltd said it had earmarked A$100 billion ($67.63 billion) to help its customers lower carbon emissions by 2030, as it looks to accelerate its transition to net zero.
Australia’s fourth-largest lender said in a statement it would reduce exposure to its largest carbon emitting customers that do not improve their emission transition plans by 2025.
It added it was on track to set targets for nine priority sectors, including oil and gas, by the end of the decade to ensure at least 75% of its portfolio emissions were on a net zero pathway by 2024-end.
“ANZ’s new targets are a small step forward, but the target timelines are too long and are undermined by the bank’s intention to keep lending to companies which are fueling the climate crisis with major fossil gas expansions,” the Australian Conservation Foundation said in an emailed statement responding to ANZ’s announcement.
With global investor focus sharply pivoting towards climate change, banks have come under scrutiny for their ties with fossil fuel projects and set goals to cut emissions, while raising investment in clean energy projects.
The lender’s target to slash financed emissions for oil and gas by 26% by 2030 “does not rule out providing finance to companies that are expanding oil and gas projects,” the foundation said.
ANZ disclosed it would lower its scope 1 and 2 greenhouse gas emissions by 85% by 2025 and 90% by 2030. It had earlier aimed to cut these emissions by 24% by 2025 and 35%, respectively.
