ANZ is playing its part in meeting the social, environmental and economic challenges posed by climate change.
We are managing the associated risks and opportunities and we understand societal expectations that we assist our customers to transition to a decarbonised economy.
Our Climate Change Statement confirms our support for international agreement to limit the average global temperature rise to no more than 2°C above pre-industrial levels and sets out the actions we are taking in support of this goal.
Carbon risk reporting is evolving and we recognise it can be difficult for stakeholders to compare information being reported. In a recent submission to an Australian Parliamentary inquiry, we advocated for the development of a practical disclosure framework that would provide consistent and comparable information for use by investors and other stakeholders.
We are also responding to the work of the Financial Stability Board’s Task Force on Climate Related Disclosures, aimed at overcoming the inconsistencies emerging from the current range of regulatory and voluntary reporting requirements and participating in the Portfolio Carbon Initiative, a global initiative attempting to develop guidance for banks and asset owners that would become the industry standard for reporting on ‘climate performance indicators’, including financed emissions. The Initiative is led by the United Nations Environment Programme Finance Initiative (UNEP FI) and the World Resources Institute.
As part of our UNEP FI participation, we have formed the Australian Portfolio Carbon Working Group, with the three other major Australian banks, an informal, collaborative working group recognised by the Initiative.
We continue to improve our carbon disclosures in response to stakeholder feedback - see our 2016 Half Year Sustainability Update:
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