As New Zealand’s largest bank, we acknowledge our role in helping to achieve an orderly and just transition to a low carbon economy. We believe the transition requires a ‘whole of economy’ approach with all sectors having a role to play.
We acknowledge the position of the Intergovernmental Panel on Climate Change that to achieve the full ambition of the Paris commitments the world needs to transition to net-zero emissions by mid-century. We also support the broad intentions of the proposed Zero Carbon Bill and we are a member of the Climate Leaders Coalition in New Zealand.
While we are aware of the transition and physical risks of climate change, we also understand it can present significant opportunities for a large commercial bank like ANZ. Meeting the objectives of the Paris Agreement will require significant private sector finance to support the transformation of the economy. To help drive these opportunities we have committed to funding and facilitating at least $15 billion by 2020 in environmentally sustainable solutions, including renewable energy generation, green buildings and less emissions intensive manufacturing and transport. At the three year mark of our five year target, we are well on track, with $11.5 billion directed to low carbon and sustainable solutions.
We are also taking steps to reduce our own carbon footprint. ANZ has been a net zero (‘carbon neutral’) business since 2010 and we are committed to reducing our emissions in line with the decarbonisation trajectory of the Paris Agreement.
In summary, the transition to a net zero emissions economy is a shared challenge and ANZ is committed to playing its part.
You can read more about our approach to climate change in our Sustainability Review and our Annual Report.