Company Logo



Home industry environmental-sustainability aNZ allocates $67B to accelerate net zero transition

ANZ allocates $67B to accelerate net zero transition


Environmental Sustainability

 ANZ allocates

Australia and New Zealand Banking Group Ltd (ANZ) said it had allocated A$ 100 billion ($67.63 billion) to help its customers lower carbon emissions by 2030, as the lender seeks to accelerate its transition to net zero.

Part of the amount will be used for initiatives, which include facilitating concessional loans for businesses to buy energy-efficient equipment and financing the construction of energy-efficient large-scale office buildings, ANZ said.

Additionally, Australia’s fourth-largest bank said it would reduce exposure to its largest carbon-emitting customers that do not improve their emission transition plans by 2025.

With global focus sharply pivoting towards climate change, banks have come under scrutiny for their ties with fossil fuels projects and set goals to cut emissions, while raising investment in clean energy projects.

ANZ said it was on track to set targets for nine priority sectors, including gas and oil, by the end of the 2020s to ensure at least 75% of its portfolio emissions were on the net zero pathway by the end of 2024.

ANZ also revealed that it would lower its scope 1 and 2 greenhouse gas emissions by 85 percent by 2025 and 90 percent by 2030. The bank had earlier aimed to cut these emissions by 24 percent by 2025 and 35 percent by 2030.


Business News


Recommended News


Most Featured Companies


Latest Magazines

© 2024 CIO Bulletin Inc. All rights reserved.