ANZ, Australia’s fourth-largest lender, has allocated $100 billion to help its customers lower carbon emissions by 2030, in a move that would accelerate the bank’s transition to net zero.
The dual-listed banking giant said it was on track to set targets for nine priority sectors by 2030, including oil and gas, to ensure at least 75% of its portfolio emissions were on a net zero pathway by the end of 2024.
ANZ disclosed that it would lower its scope 1 and 2 greenhouse gas emissions by 85% by 2025 and 90% by 2030 – faster than its previous projections of cutting these emissions by 24% by 2025 and 35% by 2030, respectively – as well as cutting its exposure to the largest-emitting business customers who do not improve their emission transition plans by 2025, Reuters reported.
ANZ, a member of the Net-Zero Banking Alliance (NZBA), a coalition of nearly 100 banks who are committed to aligning their lending and investment portfolios with net-zero emissions by 2050, said it was on track to exit all direct lending to thermal coal mining well ahead of its target.
In July, Westpac announced plans to slash its lending to coal, oil, and gas companies by nearly a quarter by 2030, Reuters reported.
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