Climate Lobbying Overview: Australia and New Zealand Banking Group‘s (ANZ) shows relatively limited but broadly positive engagement with climate change policy and regulations. However, its position on the transition of the energy mix seems to be mixed.

Top-line Messaging on Climate Policy: ANZ appears to be broadly supportive of climate action. In a submission on the Zero Carbon Bill in New Zealand ANZ states it supports the Paris Agreement’s aim to limit the average temperature rise to no more than 2 degrees Celsius above pre-industrial levels. In its 2020 ESG supplement, ANZ reaffirmed support for the Paris Agreements goal of achieving net-zero greenhouse gas emissions by 2050 and seemed to improve from its 2018 position, stating that it would ‘ideally’ want to remain well-below a 1.5-degree increase in global temperatures. In a 2017 editorial, ANZ CEO Shayne Elliot stressed the Australian government’s need to implement aligned policies for both energy and emissions, emphasizing the need for greater certainty.

Engagement with Climate-Related Regulations: ANZ’s engagement with climate-related regulations appears to be limited but broadly positive. In 2018, ANZ commented on New Zealand’s Zero Carbon Bill, stating its support for the bill while emphasising the importance of a ‘stable policy environment that creates certainty and establishes a long-term commitment to transition New Zealand to a low-emission, climate-resilient economy.’ In Australia, Elliot emphasised in a 2017 editorial the need for the Clean Energy Target (CET) to be included as a part of a ‘balanced policy “suite” for a secure, reliable, affordable and lower-carbon electricity market’. In its 2018 CDP climate change response, ANZ confirms support for CET, emphasizing the need for low emissions technologies being able to compete.

Positioning on Energy Transition: ANZ appears to be mixed in its position towards the energy transition. In its 2019 energy policy, ANZ state that they support the transition to a low carbon economy; however, do stress the need to keep energy affordable, secure and continue economic growth. Within the same policy, ANZ also states that they ‘recognize the need to progressively reduce the use of the least-efficient coal-fired power generation’. However, in its 2020 climate change statement, ANZ appears to show concern towards potential negative impacts of an energy transition, emphasizing the impact of an energy transition will have on social and economic standards on areas that are reliant on the coal industry. Nevertheless, at the banks 2020 AGM Chairman Paul O’Sullivan reiterated the banks support for the transition to a low carbon economy, highlighting the need to balance risk and opportunity.

Industry Association Governance: ANZ has published a dedicated industry association review on its corporate webpage which includes ANZ’s principles for engaging with industry associations over climate change and whether ANZ is aligned or misaligned with the relevant association. However, the review does not include the stance of the industry associations on climate policy, or which specific policies ANZ is aligned or misaligned with. Through its 2020 CDP climate change response, ANZ discloses memberships to some industry associations that it feels are likely to take a position on climate change legislation. However, this response excluded their membership to Business Council of Australia and The Australian Petroleum Production and Exploration Association (APPEA), both traditionally lobby negatively on climate change policy. Nevertheless, ANZ is also a member of the Carbon Market Institute and the Clean Energy Council that are broadly more supportive of action on climate and climate policies.