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Over the course of our engagement with 100 of our largest emitters since the 2018 calendar year, customers continued to value our engagement and perspectives on this topic. This included several customers outside of the cohort who sought to engage with us, seeking clarity on our expectations, or requesting suggestions ...
Where customers are further advanced, we encourage them to find ways to strengthen their approach and provide options for how we could potentially assist. This included, where appropriate, setting ‘stretch’ targets linked to improved financing terms in the form of sustainability-linked lending.
Within each industry, our customers have different starting points. Since the initial maturity assessment in 2021 when we started grouping plans into ‘A to D’ categories, we observed that many customers have improved their governance, strategies and targets or disclosures, which we consider is leading to an improved le...
This is a positive step change over the period since 2021, as our customers continue to build their transition capacity. For example, while many customers already had targets in place, based on our assessment framework, we have observed a ‘strengthening’ in approach, including a rise in the intention to develop ‘Paris-...
Our discussions in this context are typically led by our bankers and can include senior executives from ANZ and our customers. Where a customer remains in the ‘no public plan’ category, or in situations where there is a continued misalignment in approach compared with ANZ’s expectations, we will consider the most appro...
Over the course of our engagement with our customers, there have been instances where we declined finance or have reduced limits to customers that have less developed plans or a misalignment with our expectations. These decisions were made having regard to our Climate Change Commitment and Social and Environmental Risk...
Overall, our engagement with 100 of our largest emitting business customers has progressed well this year – we have completed discussions with all 100 on their progress in enhancing their low carbon transition plans and efforts to protect biodiversity.
64% of customers now have transition plans that we consider to be well developed or advanced versus 42% in September 2021. This means we were on track to meet our public target for more customers to achieve this level of maturity in their plans by the end of 2024 from our 2021 baseline. In this context, along with risi...
100 of our largest emitting business customers – by transition plan category 50 40 20 30 10 0.
Sep 2021 Sep 2022 Sep 2023.
B A C D 38 41 27 36 27 32 22 11 4
23 23 15.
Customer transition plan categories: A – Advanced B – Well developed C – Underdeveloped/starting out D – No public plans.
Overview.
Governance.
Strategy.
Our purpose and strategy.
Our climate ambition.
Supporting our customers to transition.
Financing sustainability $100b target performance.
Building capability.
Customer engagement.
Biodiversity.
Partnerships and initiatives.
Reducing our environmental footprint.
Risk Management.
Metrics and Targets.
Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 23


Customer ratings movements in 2023.
In 2023 we upgraded our assessment of nine customers – seven from 'D' to 'C' and two from 'C' to 'B'. We also replaced two customers in the cohort during the year, one replacing a ‘B’ rated customer and one at a ‘C’. When we completed our assessment of the ‘new’ customers’ plans in 2023 we rated them at the same level ...
The chart below shows the number of customers in each category and the movements from 2022 to 2023.
We consider a robust low carbon transition plan has three key elements:1.
Governance A framework outlining Board and senior management accountability and oversight of management of climate change risks and opportunities.
Targets & Policies Public greenhouse gas emission reduction targets which typically run up to 2030 that are “Paris-aligned” and cover the highest emitting parts of their business.
Company policies or statements setting out long-term goals, including whether they support or commit to achieving net zero emissions by 2050.
Public Disclosures Public reporting aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, or comparable framework(s).
We have four transition plan categories under our upgraded assessment framework to be applied from 2024:
A – Advanced B – Well developed C – Underdeveloped/starting out D – No public plans.
Illustrative examples of characteristics of customers within these categories are shown below.
Category A Category B Category C Category D.
Governance Strong governance in place to manage climate risk.
Acknowledges climate risk is a material risk and opportunity.
Public climate change commitment.
Sustainability and climate risk discussed with senior leaders.
Acknowledges the need to develop a transition plan.
Targets Decarbonisation trajectory is on track for Scope 1 and 2 "Parisaligned" targets.
Disclose material Scope 3 emissions.
Incorporates climate change performance into executive remuneration “Paris-aligned” 2030 emissions reductions targets for scope 1 & 2.
Has targets to reduce ‘emissions intensity’ across some of its operations.
No public targets or other plans to reduce emissions.
Developing sustainability projects.
Developing sustainability framework.
Note: Energy customers will need to achieve at least a 'B' by end 2025 and also disclose: • Material scope 3 emissions and any progress towards reducing those emissions • How company strategy, targets and planned capital expenditure is aligned with the Paris goals.
Disclosures TCFD-aligned reporting.
TCFD-aligned reporting.
Moving towards TCFD-aligned reporting.
Has not reported against TCFD.
In place/met In progress 23 1
1 38 24 4
2 7
1 1.
Retained Upgraded D to C Upgraded C to B Replaced in Replaced out.
B A C D 1. The descriptions in the above table are illustrative only. For details about the type of information we expect to see in our customer transition plans in each category (A, B, C and D), please refer to the table to the right on this page.
Overview.
Governance.
Strategy.
Our purpose and strategy.
Our climate ambition.
Supporting our customers to transition.
Financing sustainability $100b target performance.
Building capability.
Customer engagement.
Biodiversity.
Partnerships and initiatives.
Reducing our environmental footprint.
Risk Management.
Metrics and Targets.
Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 24


A key target of the Kunming-Montreal Global Biodiversity Framework is the ‘30 by 30’ target, which is to ensure the effective conservation and management of at least 30 per cent of the world’s lands, inland waters, coastal areas, and oceans by 2030.
The release of the Australian Government’s 5-yearly State of the Environment report, released in 2021, confirmed the general outlook for our environment is deteriorating with biodiversity in decline and an increase in Australia’s number of threatened species. In this context, the introduction of the Nature Repair Marke...
Further the Taskforce for Nature-related Financial Disclosures (TNFD) released their final recommendations in September this year – which we are taking steps towards in this report – see page 79 for our TNFD Index which demonstrates this.
Our role.
Historic levels of investment and lending will be needed from business, governments and financial institutions to deliver on the changes needed to halt and reverse the loss of nature, including biodiversity. This creates significant opportunities for ANZ to help support our customers to achieve naturepositive solutions...
Understanding nature risks and opportunities, including biodiversity loss, will enable the Group over time to better understand, measure and manage its exposure to nature risks and provide support to customers wanting to adopt naturepositive solutions.
We acknowledge the need to protect and restore biodiversity and mitigate biodiversity loss including as a result of species extinction or decline, ecosystem degradation and nature loss. We seek to understand the impacts – positive and negative – our large business customers can have on biodiversity and the impacts that...
We recognise that we are at an early stage of understanding nature-related risks, including biodiversity loss, on the Group and our customers. We have had certain sensitive sector policies in place for some time such as Water (see page 37 of our Risk section). However, we recognise that 'nature’ and its associated risk...
We have identified four key focus areas in relation to nature risks including biodiversity loss and opportunities at ANZ: policies and processes; customer engagement; upskilling our staff; and portfolio analysis.
Policies and processes.
We acknowledge nature risks including biodiversity are closely linked to climate-related risks.
Nature risks are recognised in our Climate Change Commitment and are considered an emerging risk under our Risk Management Framework (RMF). ANZ seeks to understand emerging risks as they evolve and assess potential impacts to the Group. This year we are continuing to take steps to better understand ANZ’s nature risks. ...
BIODIVERSITY.
Biodiversity or Nature?

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