On the road to net-zero carbon with the ASFI

At ANZ, we’re committed to a sustainable future for our business and our customers, and are firm supporters of the push toward a net-zero carbon economy by 2050.

You can see this in our actions when we are recognised as leaders in the industry, transparent with our ESG reporting and release significant changes to our carbon policy.

That’s why we are also pleased to be involved in the Australian Sustainable Finance Initiative (ASFI) – a collective body of over 80 organisations in the financial sector - at a time the group has released a roadmap to align Australia’s financial system to the net-zero transition.

The roadmap makes 37 recommendations for the finance industry to tackle a broad suite of challenges including climate change, biodiversity loss and economic inequality. The wide-ranging blueprint for Australian financial institutions will help the country deliver on the Paris Agreement and the Sustainable Development Goals.

ASFI is a timely platform to help ensure Australia’s financial system plays its role in supporting customers, communities and government efforts to manage the environmental impacts of climate change and its potential social costs.

The effort involved more than 140 participants across major banks, insurers, super funds, government, regulators, civil society and other stakeholders.

Comprehensive

The ASFI roadmap includes a comprehensive range of recommendations to help Australia develop deep and liquid sustainable finance markets in order mobilise investment capital to help the public and private sector transition to net-zero emissions.

The recommendations are broadly divided into four areas - embedding sustainability into leadership, integrating sustainability into practice, enabling resilience for all Australians, and building sustainable finance markets.

The roadmap spells out a range of initiatives including regulatory frameworks on the capital treatment of sustainable assets, developing sustainable benchmarks and indices, as well as developing Australia’s equity and bond markets as the premium hub for sustainability-focused business in Asia Pacific to raise capital.

The ASFI also makes recommendations to drive the financing of infrastructure and property. In the energy sector, it calls for the alignment with Infrastructure Australia and the likes of the Australian Energy Market Operator and the Australian Energy Regulatory to unlock critical investment needed in Australia’s energy infrastructure.

Support

At ANZ, we understand the impact the financial sector has – both positive and negative – on transitioning to a net zero carbon, more sustainable economy.  Our purpose is to help communities thrive, and the recommendations of the ASFI tie strongly into that.  

ANZ’s new carbon initiatives aim to support customers and projects to reduce emissions and boost economic growth. These plans recognise climate change as a key business challenge as well as ANZ’s role as a major lender to facilitate this shift.

Together with the ASFIs roadmap, we hope to help participate in a global push to a more-sustainable future.

Katharine Tapley is Head of Sustainable Finance, Institutional and Co-Chairperson, Mobilising Capital Technical Working Group, ASFI.

Paul Orton is Head of Resources, Energy and Infrastructure – Australia, Institutional and Steering Committee Member, ASFI.

You can read more about the roadmap HERE.