ANZ’s energy policy review

Feature Story - 3 August, 2011
Will this be the end of ANZ’s investments in new coal power? ANZ is now reviewing its policy towards investing in 'sensitive sectors', including energy and mining. Ask ANZ to rule out financing new coal power stations in Australia.

Greenpeace have been campaigning to get the big four banks to rule out financing a new generation of coal power stations in Australia. Last year we commissioned independent research that revealed all four of Australia's big retail banks are heavily invested in the coal industry. But ANZ came out as the worst offender with over $1.6 billion provided to the coal industry over the past 5 years.

ANZ is now reviewing its policy towards investing in 'sensitive sectors', including energy and mining. Call ANZ today and ask them to rule out financing new coal power stations in Australia.

Since this research was released, thousands of people across the country have emailed, called and visited ANZ to call on the bank to rule out financing any new coal power stations. Greenpeace and community climate groups have also taken the issue to the streets with protests at ANZ branches and offices around the country and had thousands of conversations with customers and staff.

Last week, activists dressed as secret agents descended on ANZ's offices in Martin Place, Sydney and handed bank staff 'ANZ Secrets' business cards that offer information on the campaign and a direct line to Greenpeace for comments, criticism or inside information. This marked the beginning of an escalation of public activities in Sydney in addition to the ongoing dialogue with staff outside ANZ's Melbourne offices and branches.

For many of ANZ's shareholders, investing in coal power stations is not only a bad idea from an environmental viewpoint, it also has serious financial and reputation risks for the bank. At last year’s Annual General Meeting (AGM), the ANZ Chairman was subjected to sustained questioning about the risks of financing coal power stations. This year, shareholders have been drafting official resolutions to put to the meeting.

It's worth noting that shareholder resolutions such as these are very rare in Australian corporate history but are the kind of tactic that will be required if ANZ management refuses to rule out financing polluting coal power stations.

Greenpeace are planning a community action at the bank's 2011 Annual General Meeting to be held in Sydney. Put Friday 16 December in your diary and make sure you are on our email list to find out more details after ANZ releases its new policy in November.

TAKE ACTION: Call ANZ today and ask them to rule out financing new coal power.

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