ANZ Rebuts Claim That Banks Are Falling Behind on Climate Commitments

Australia’s second-biggest bank, ANZ, has questioned a report claiming the nation’s four biggest financial institutions have been dragging their heels on committing to climate goals. The nation’s Big Four banks drew criticism following a report from Market Forces, an environmental group that calls for banks, governments, and superannuation funds to use money for environmental protection. The report claims Commonwealth Bank, ANZ, Westpac, and NAB collectively poured $61 billion (US$41 billion) into fossil fuels since the Paris Agreement was adopted in 2015—despite the banks cutting back funding to the sector by almost half from 2022-23. One of the Paris Agreement’s core aims is to limit financial support for fossil fuels, directing investment to low-emissions alternatives....