Sometimes, there is nothing to add

Reported in the Australian – ANZ ’net zero emissions’ test for loans puts pressure on farmers and construction firms

Announcing ANZ’s climate change statement on Thursday, the major lender will impose low-carbon deadlines for the agriculture, food and beverage, building, energy and transport sectors as it ramps up support for the Paris Agreement goal of net zero emissions by 2050.

Under its 10-year strategy, released to coincide with the bank’s annual result, ANZ said it would “move away from working with customers that don’t have clear and public transition plans”.

QED

This entry was posted in Uncategorized. Bookmark the permalink.

34 Responses to Sometimes, there is nothing to add

  1. Slim Cognito

    Will they be surprised when customers “move away from working with” ANZ?

  2. rickw

    Didn’t ANZ just report a 40% drop in earnings?

  3. Ƶĩppʯ (ȊꞪꞨV)

    Didn’t ANZ just report a 40% drop in earnings?

    a mere flesh wound

  4. Karabar

    Did someone forget to tell them that there is NO REASON to think that “emissions” of CO2 affect anything but better food crops?

  5. mem

    Didn’t ANZ just report a 40% drop in earnings?

    Hence the announcement of the stupid CO2 climate drivel. They want investors to take their eye off the bottom line.

  6. AS a shareholder i am not happy This to me so unaustralian but what could you expect from ALP Gonski and the lanky Ceo no better Are they not failing in there duty to give the owners the best return even if it is coal one of our large exports and the well paid jobs They both should go

  7. Elizabeth (Lizzie) Beare

    Time to start ‘moving away’ from ANZ.

  8. Entropy

    ANZ doesn’t have much of a rural book anyway. And I would expect it is similar for mining. The execs might have figured the downside risk is outweighed by the ability to show virtue, particularly for the execs themselves, including leading to invitations at all the best dinner parties.

  9. Steve

    Watching a bank commit hari kiri…fascinating…

  10. ExIronCurtain

    Would be interesting to see customers vote with their feet.
    Unfortunately, this is Australia. There doesn’t seem to be much of a choice if the other 3 majors adopt similar suicidal policies.
    There are online “foreign” banks though – Rabo is one that comes to mind.
    Pity the shareholders …
    Wish Trump fails to get reelected so he can come here and run for PM. He only needs to promis he’ll take Oz out of Paris on his first day!

  11. garry b

    The answer is easy-for existing shareholders. When the proxy sheet arrives fill it in, and vote NO to ALL the choices, and return promptly. Message delivered.

  12. As a shareholder i can not see why you are going down the track of your new climate policy You are on the the board to give shareholder the best return you can get This policy will not do this    stuff the farmers and the the workers in the coal mines this so NOT AUSTRALIAN .As a shareholder for  15 years it is time to move on AND PLACE MY MONEY ANY WHERE BUT WITH YOU Crap share price and very poor diverdends  THE BOARD SHOULD ALL GO     David Roberts

  13. Interesting – all productive, scientific, physical, mathemathical jobs. Industries which Propell society forward.
    Compare the world leaders – Putin – Soldier goes hunting and fishing in the Siberian Outback, Trump build beautiful buildings and loves to have sex with beautiful looking women, Tony Abbot Rides his bikes is a member of the SLC and CFS – all men of action – all ridiculed and made out to look dumb.
    Lets look at Obama, Clinton, Macron, the French PM , Johnson – men who do nothing – journo’s and lawyers – look at Turnball – no talent good for nothing. These people get hailed as brilliant minds.

  14. John Comnenus

    Seems to me that such a strategy is in breach of all four of the legal obligations of a director according to The Australian Institute of Company Directors.

  15. Rob MW

    Announcing ANZ’s climate change statement on Thursday, the major lender will impose low-carbon deadlines for the agriculture, food and beverage, building, energy and transport sectors as it ramps up support for the Paris Agreement goal of net zero emissions by 2050.

    Dear ANZ,

    I’m nearly ready. Just trying to work how many of these I need to do 8,000 acres and whether or not the horses will need all of the crop to eat. I might need a hand to do the cals but I’m sure your experts will be able to advise.

  16. Pyrmonter

    Market processes are about discovery; the idea that a ‘bank’ needs to serve all comers is a form of socialism. This might be a sound (if too fashionable) business decision.

  17. BoyfromTottenham

    I think that I will buy a single ANZ share so that I can enjoy filling in that stupid questionnaire with all ‘No’s.

  18. Didn’t save them from the profit downgrade

  19. Roger

    My local ANZ branch has a sign on the door saying alphabet people are welcome there.

    They appear to be aiming to bethe wokest bank in Oz.

  20. Bronson

    Step 1 lose money on disastrous venture into Asia, check
    Step 2 crash the share price, check
    Step 3 drop the dividend 40%, check
    Step 4 response to other 3 steps let’s turn away custom for no reason
    Step 5 go broke and expect the taxpayer to bale them out!
    (disclosure: I unfortunately own shares in these losers)

  21. Dinky

    Step 5 go broke and expect the taxpayer to bale them out!

    Ah moral hazard.

  22. Terry

    A crony-capitalist bank (one of the four plus a few more), specially protected by legislation they lobbied for (and paid for) to exclude as much competition as possible.

    This is socialism, the antidote to which is competition; the very thing the “big-4” have successfully colluded to undermine for decades.

    How surprising (not) that the Banking Royal Commission was looking for issues (and non-issues) in all of the wrong places. Happens when you appoint an incompetent fool and call them “Honourable”.

  23. TBH

    Pretty happy that I’m not an ANZ shareholder right now.

  24. Al

    I had a lot of respect for Elliott when he was head of Insto. Down to earth, knowledgeable, and results-focused. Don’t know what happened when he became CEO. Drank the kool-aid? Lost the plot? Became woke? Time for Elliott to retire to a commune.

    That is 2 abysmal CEOs in a row. Perhaps the Board should also go.

  25. RobK

    ANZ doesn’t have much of a rural book anyway.
    Anecdotally, I don’t think this was always the case. A few decades ago, it was quite a popular bank amongst primary producers that I knew. The likes of Rabo changed that, it seems.

  26. Squirrel

    A deposit-taking institution which adopts lending practices or other policies that are clearly at odds with the policies of our democratically elected national government should forfeit all of the guarantees and protections – including on deposits – provided by that government.

    That should focus the hearts and minds. and let them see that virtue-signalling comes at a real price for them, not just their victims.

  27. Exit Stage Right

    Probably be well received in NZ where ANZ is by far the largest bank.
    Fits in well with the policies of the Socialist Government that NZ recently overwhelmingly voted for.

  28. Perfidious Albino

    Ironically, ANZ were the only one of the Big 4 which didn’t sign up to Australia Post’s [email protected] ‘deal of the century’…

  29. H B Bear

    Life must be pretty comfortable in the banking oligopoly.

  30. mundi

    ANZ have universally the worst interest rates and I don’t know why anyone goes to them for funding in the first place.

  31. Deano

    Don’t worry ANZ – the other banks will all follow suit. They operate as a gang.

  32. roman

    ANZ said it would “move away from working with customers that don’t have clear and public transition plans”.

    – So unless we start transitioning we can’t bank with the ANZ?? But I like my willie.

Comments are closed.