Trucking companies wanting to borrow money from the ANZ Bank may be out of luck unless they can show they have a low-carbon transition plan.
In its climate change statement released today, the bank announced that it will impose low-carbon deadlines for the transport, agriculture, food and beverage, building, and energy sectors.
The move is part of its 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”.
Minister for Infrastructure, Transport and Regional Development, Michael McCormack, said today’s announcement is sheer “virtue-signalling”.
“These are the industries which produce the food we eat, keep the lights on, build our homes and transport our goods around the nation,” he said.
“Transport, fertiliser and fuel companies snared by these new rules could have no choice but to pass on costs along the agricultural supply chain, only to have farmers pick up the bill at the end.
“Imposing largely Euro-centric standards to satisfy shareholder activists while our nation recovers from a global pandemic is grossly unfair.”
McCormack said the move is a complete over-reaction given Australia has beaten its Kyoto-era targets by up to 430 million tonnes and our emissions are now more than 14% below 2005 levels.
“The Nationals will always support a competitive banking sector and encourage banking customers to consider lending options which best suit their sector and its costs and needs.”