We recognise the importance of playing a role in supporting Australia’s transition to a lower carbon future. This change will take time and will require significant investment in new sources of energy. There is debate about the pace of this transition and some stakeholders urge us “to do more, faster”.
Eighty per cent of Australians currently rely on electricity generated from coal-fired power stations to run their households and businesses.
We are supporting our clients and working with governments and other stakeholders on this transition challenge. Australian Federal and State governments continue to support the coal sector due to the critical role it plays in ensuring the reliability of energy that ”powers” our economy. The governments are also committed to reducing the emissions intensity of the coal sector and have flagged strict emissions standards that will be applied to any new coal fired power generation.
We are also playing our role in supporting the renewable energy sector. Renewable energy projects currently represent a third of our project finance power portfolio. Projects we support include wind power as well as landfill gas, waste coal seam methane, hydro and geothermal power stations. While renewable energy availability is developing, it will though be some time before it may provide electricity to affordably support our economy.
We are also improving the environmental performance of our own business. We have public environmental “footprint” reduction targets and we will achieve our goal to be carbon neutral by the end of 2010.
Our headquarters, ANZ Centre in Melbourne’s Docklands, has a ‘6 Star Green Star’ rating from the Green Building Council of Australia.
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