ANZ and coal
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ANZ, one of Australia's largest banks, is a major financier of coal fired power stations and coal mines.
ANZ policy statements
ANZ has committed to the following relevant voluntary international principles:
- the Carbon Disclosure Project
- Equator Principles
- Global Reporting Initiative
- UNEP Finance Initiative
In addition to these standards ANZ has also developed individual sustainability policies. With regard to power generation, ANZ has developed a Climate Change policy  and a Greenhouse and Energy policy
Both policies commit ANZ to assess the emission intensity and environmental performance of customers followed by an agreement between the bank and the client about how the environmental risks of a client’s activities should be mitigated.
These policies do not, however, lead to an exclusion of investments in companies that generate coal-fired power or develop new coal-fired power plants. ANZ also developed a specific Mining and Minerals policy which states that the bank will support activities demonstrating best practice environmental protection and community engagement measures when it comes to mining activities.
ANZ funding on coal projects
Over the past five years ANZ has invested A$ 726.8 million in coal mining projects, A$ 650.0 million in coal-fired power plants, A$ 309.0 million in ports and A$ 276.1 million in renewable energy in Australia. Table 3 and Table 4 summarize the bank’s investments in the coal sector (mining, ports and coal-fired power stations (CFPS))
|Sector||Company||Amount (A$ million)||Coal amount (A$ million)|
|Ports||DBCT Management Pty Ltd (also referred to as "Hay Point - BBI"||109||109.0|
|Ports||Newcastle - NCIG||209||209.0|
|Coal-fired power stations||AGL Energy||354||26.6|
|Coal-fired power stations||Alinta Energy||715.4||119.5|
|Coal-fired power stations||CLP Group||325||36.0|
|Coal-fired power stations||Intergen||100||11.0|
|Coal-fired power stations||International Power||70.5||27.5|
|Coal-fired power stations||NSW government||867||91.0|
|Coal-fired power stations||Queensland Government||2,208||70.7|
|Coal-fired power stations||Griffin Group||127||127.0|
|Coal-fired power stations||Transfield Services/TSI Fund||564||140.7|
|Total Coal-fired power stations||650.0|
|Company||Amount (A$ million)||Renewables amount (A$ million)|
Protests against ANZ
At least 33 protests have been held in NSW, Queensland, South Australia and Victoria, with demonstrators giving out flyers and holding placards as well as hanging banners outside ANZ bank headquarters, and projecting the same message on a power station: ANZ We Pollute Your World. On 19 October 2010 Greenpeace displayed a projection on the side of Yallourn W power station, in Moe, Victoria, as part of the campaign targeting the financing of Australia's coal industry. Greenpeace referred to the power station as "the third most polluting power station in Australia and one of ten across the country financed by ANZ over the last five years."
On 21 October 2010 Greenpeace hung a banner on the side of the ANZ state headquarters in Brisbane, Queensland to highlight the the fact that ANZ has provided $1.6 billion in finance to the coal industry over the past five years while claiming to be a leader in sustainability. "ANZ have been winning awards for sustainability amd has a commitment for going carbon-neutral, but at the same time, they're the bigget financiers of polluting coal in Australia. We think that is hypocritical. They should put their money where their mouth is," said Greenpeace spokesman John Hepburn said. Four Greenpeace activists associated with the protest were arrested.
Other groups campaigning on this issue
Ten local climate action groups as well as the Camp for Climate Action and the Australian Youth Climate Coalition helped with the ANZ campaign.
Articles and resources
- Carbon Disclosure Project, "CDP 2009 Information Request: Respondent: Australia and New Zealand Banking Group Limited, Carbon Disclosure Project, undated but 2009. (Pdf)
- ANZ, "Environment: Equator Principles", ANZ website, accessed April 2011.
- Carbon Disclosure Project, "Australia and New Zealand Banking Group Limited", Carbon Disclosure Project website, accessed April 2011.
- ANZ, "ANZ and climate change", ANZ, 10 August 2007.
- ANZ, Future Financing for Energy, ANZ, July 2008, pages 2-3.
- ANZ, "Energy", ANZ website, accessed August 2010.
- ANZ, "Mining and Minerals policy", ANZ website, accessed August 2010.
- Greenpeace Australia, "October 2010", Greenpeace Australia website, October 2010.
- Greenpeace Australia, "Greenpeace takes action against ANZ - Australia's dirtiest bank", Greenpeace Australia, accessed April 2011.
- "Greenpeace protesters arrested after scaling ANZ building in Brisbane and unfurling banner", Courier Mail, October 21, 2010.
Related SourceWatch articles
- Australia and coal
- Financing coal power stations in Australia
- Commonwealth Bank and coal
- National Australia Bank and coal
- Westpac and coal