ANZ

We will achieve this goal by sourcing our electricity exclusively from renewable energy projects, such as those producing wind and hydro power, to offset our greenhouse emissions, which totalled approximately 185,000 tonnes of CO2 in Australia and New Zealand in 2006. A tender process to identify preferred suppliers will commence later in 2007.

While this approach involves substantial up-front investment, it is ultimately the more environmentally sustainable approach. By investing in renewable energy rather than merely purchasing carbon credits, the bank can reduce its carbon emissions while at the same time support the financing needs of a variety of renewable energy projects.

Investment in renewable energy also means the bank can avoid the long-term cost of purchasing carbon credits.

However this initiative is only part of the work we need to do to reduce our environmental footprint. We will continue to audit and improve our energy efficiency, water consumption and waste management.

We provided a submission to the CDP in 2006 and were honoured as ‘Best in Class' for our approach to climate change in a report released by the CDP. ANZ was also one of 50 FT500 companies included on the CDP Climate Leadership Index.