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ANZ’s climate statement shows need for leadership from Turnbull Government

Media Release
Larissa Waters 6 Oct 2015

The Australian Greens acknowledge ANZ's commitments in its climate change statement released today, but urge ANZ and other banks to stop financing new coal mines and new coal power plants.

Senator Larissa Waters, Australian Greens Deputy Leader and climate change spokesperson, said:

"ANZ and AGL say they want to keep global warming within 2 degrees and are taking some action but the Turnbull Government's climate policies are failing dismally to meet that goal.

"According to the Climate Change Authority, we need double the pathetic targets the Turnbull Government is taking to Paris in order to have even a 66 per cent chance of staying within two degrees.

"To prevent global warming beyond 2 degrees we need leadership from government not just individual corporate policies, which can be highly selective.

"While we welcome ANZ's $10 billion in investment for customers to de-carbonise the economy and the decision not to finance the dirtiest coal fired power plants, the bank's policy is evasive on its financing of coal mines.                                                                                                         

"Many Australians don't want to see their savings go to a bank that is funding the destruction of our environment, Great Barrier Reef and climate though coal mines and they're already divesting in droves.

"By pouring money into the dying coal industry, banks are risking Australians' savings in dead end investments. Just last week the Bank of England warned banks needed to wake up to the financial risks of the carbon bubble.

"CommBank, NAB and 12 international banks have ruled out financing Adani's mega coal mine in the Galilee Basin, which would dramatically increase Australia's contribution to global warming.

"If ANZ wants help save our way of life for future generations, it should rule out funding new coal mines, especially Adani's Carmichael mine, which is set to turn our Reef into a highway for coal ships," Senator Waters said.



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