Naked activists are targeting fast fashion in the Melbourne CBD – as it happened

ANZ Police are hot to finance more emissions

When state and federal governments talk about supporting coal and gas over the coming decades, officials often hint that they expect miners and drillers to find it more difficult to raise finance and insurance so the project itself won't build.

Indeed, even RBA governor Philip Lowe recently noted that record high energy prices have not (yet) sparked a rebound in exploration. If projects take decades to turn a profit, it is assumed, carbon- and methane-rich ventures will struggle to turn a profit on our common path to net zero emissions by 2050.

That's the theory at least.

ANZ has reminded us today that there are still loans set aside for “sustainable” loans – $100 billion no less – through 2030.

ANZ states: “there are multiple opportunities for the oil and gas sector to reduce emissions across the value chain”.

The bank will target the company's efforts "to minimize methane leaks through a focus on leak detection and repair", and over time, the bank "will outsource our financing to customers with stronger emission reduction targets and a diversification strategy".

Market Forces, an anti-fossil fuel group, is concerned that there are no clear objectives companies need to set for borrowing from the ANZ fund.

The group estimates that between 2016 and 2020, ANZ spent $13.9 billion on fossil fuels, including $2.4 billion on new or expanded coal, oil or gas projects. These projects would “activate” 4.6 billion tonnes of carbon dioxide equivalent, or nine times Australia's current annual gas emissions.

Beach Energy, Santos, Glencore and Woodside are the fossil fuel companies that have utilized ANZ for the past two years alone. Julian Vincent, executive director of Market Forces, said:

ANZ has long been a big proponent of the fossil fuel industry, and this target is taking it further in the wrong direction.

Millions of ANZ customers concerned about a secure climate future may not be so happy that their money keepers are ready to double down on dirty fossil fuels.

Expect this issue to come up at the ANZ AGM on 15 December in Adelaide. Market Forces has helped coordinate shareholder proposals aimed at ensuring banks do not "enable the expansion of the fossil fuel industry".

That's all for today, thanks for reading

Here are the top stories for Friday, November 25:

Former justice Virginia Bell released her findings from an investigation into Scott Morrison's secret appointments to five additional ministries. Bell found the appointment "likely to undermine the public's trust in government" and "undermines trust in government", and also revealed Morrison had sought advice about taking a sixth service;

Morrison responded to the report via Facebook on Friday, rejecting suggestions that he had not properly participated in the investigation, or that he could resign from parliament;

Queensland court found Clive Palmer's coal mine violated the human rights of future generations;

Former high court judge Dyson Heydon resigns as a member of the Order of Australia;

It's the last day of campaigning in Victoria before tomorrow's election, but a record number of people have already voted; and

The Reserve Bank review assesses calls for changes to the central bank's inflation target, board election and how authorities should manage shocks from asset bubbles to the climate crisis.

We'll see you all back here tomorrow morning. This article was written by EDUKASI CAMPUS. 

Post a Comment

Previous Post Next Post

Contact Form