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IEA Beyond 2°C Scenario (B2DS) Alignment Pathway 2030 Target Pathway (-60%)
Actual Performance Against our Targetup to end 2022.
ANZ vs. pathway 11.8% 2050 2030 2040 2019 2025 2035 2045 0.
GHG Intensity (kg CO2-e/m2 NLA) 90.0 80.0 50.0 70.0 60.0 30.0 40.0 20.0 10.0.
Manufacturing.
Buildings.
Go to page 63.
Aluminium.
Go to page 69.
Large-scale commercial real estate – office buildings.
Go to page 65.
Cement.
Go to page 69.
Large-scale commercial real estate – shopping centres.
Go to page 67.
Steel.
Overview.
Governance.
Strategy.
Risk Management.
Metrics and Targets.
Sectoral metrics and targets.
Sector exposures.
Our approach to sectoral pathways.
Pathways performance dashboard.
Energy sector.
Transport sector.
Manufacturing sector.
Buildings sector.
Large Institutional Agribusiness Customers.
Total lending portfolio.
Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 50
IEA Net Zero Emissions 2050 Pathway (2023)1.
Global Average Emissions Intensity 2030 Target Pathway (-50%) Actual Performance Against our Target.
Emissions Intensity (kg CO2-e/MWh) 0
2040 2022 2024 2026 2028 2032 2034 2036 2038 2030 2020 2021 2023 2025 2027 2029 2033 2035 2037 2039 2031 500 250 400 450 300 350 150 200 100 50.
ANZ vs. pathway -12%
Graph 1.1: Power generation.
Power Generation Metrics Summary.
Metric 2020 2022 2023.
Emissions intensity (kg CO₂-e/MWh) 2252 2843 169.
Absolute financed emissions (Mt CO₂-e) Not calculated Not calculated 5.28.
Portfolio-wide intensity (kg CO₂-e/$ lent) Not calculated Not calculated 0.56.
Data Quality Score4 Not scored Not scored 1.48.
Current EAD $bn (% of Group EAD) 9.35 (0.80%)
The key design choices we used to calculate our 2030 power generation emissions intensity target are summarised in Table 1 below.
Table 1 – Key design choices in calculating 2030 power generation target 2030 Target • 50% reduction in emissions intensity from 2020 baseline.
ANZ Customers Included • Companies that own or operate one or more electricity generation facilities that dispatch electricity into transmission grids, and that we have more than $1m exposure at default (EAD) at the end of our financial reporting year (September 30)5.
Emissions Included • Scope 1 (from electricity generation activities only)
Metric • Emissions intensity of electricity generation (kgCO₂-e/MWh)
Financing Activities Included • Exposure at default. This represents the Group's exposure to each sector based on APRA’s calculation formula which includes total committed loans (drawn plus a proportion of off-balance sheet exposures as specified by APRA)
Attribution Approach • Portfolio-weighted approach (based on the ratio of ANZ’s financing to individual customers relative to ANZ’s total financing to the power generation sector)
Benchmarking Scenario • International Energy Agency (IEA) Net Zero Emissions by 2050 World Scenario (NZE 2050) (2021)
Key External Data Sources • Customer disclosures • Australian Clean Energy Regulator • International Energy Agency • Asset Impact6 1. International Energy Agency, World Energy Outlook 2023. 2. This is a restatement of the 2020 baseline we reported in 2022 of 237 kgCO₂-e per MWh. 3. This is restatement of the 2022 perfo...
Power generation.
ENERGY.
The information in this section should be read together with our disclaimer and important notices available here and our Financed Emissions Methodology available here.
Overview.
Governance.
Strategy.
Risk Management.
Metrics and Targets.
Sectoral metrics and targets.
Sector exposures.
Our approach to sectoral pathways.
Pathways performance dashboard.
Energy sector.
Transport sector.
Manufacturing sector.
Buildings sector.
Large Institutional Agribusiness Customers.
Total lending portfolio.
Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 51
1. This is restatement of the 2022 performance figure we reported in 2022 of 314 kgCO₂-e per MWh. 2. This is a restatement of the 2020 baseline we reported in 2022 of 237 kgCO₂-e per MWh, however we have retained our 50% reduction target meaning that our 2030 target has now declined to 113 kgCO₂-e per MWh. 3. Internati...
Performance against target 250 300 200 50 100 150 0 ANZ 2020 (Baseline) (Restated) ANZ 2022 (Restated) Portfolio Customer Movements Changes in Exposures Customer Emissions Performance ANZ 2023 225 284 169 -35 -78 -2.
Emissions Intensity (kg CO2-e/MWh)
Increase Decrease Total.
Graph 1.2 – Power generation portfolio emissions intensity movements.
The emissions intensity of our power generation portfolio has declined substantially over the past year – from 284kgCO₂ per MWh in 20221 to 169 kgCO₂ per MWh – a 41% reduction. This is 25% below our 2020 baseline of 225kgCO₂ per MWh2 and 12% below our target pathway, putting us back on track to meet our target of halvi...
There are several reasons for the decrease in emissions intensity of our portfolio during 2023: • The largest contributing factor was the repayment of short-term facilities we provided to customers in 2022 to help them manage unprecedented volatility in Australia’s National Electricity Market. It was this support of ex...
• We have also continued to steer our portfolio towards more sustainable energy sources in 2023 with 2.3GW of new renewables capacity coming online during 2023 that we helped to finance – including 1GW in Australia. This brings to 42%, the proportion of our power generation portfolio that is fully dedicated to renewabl...
• We are also continuing to support customers demonstrating a strong commitment to transition their portfolios to sustainable energy sources and away from fossil fuels which is critical to achieving real-world reductions in emissions over the longer term.
Actions to achieve 2030 target.
Since 2018, ANZ has been engaging with its largest emitting business customers, including 12 that own or operate power generation assets. Our engagement with these customers has been focused on encouraging them to strengthen their low carbon transition plans, and we have seen a number of customers improve their plans o...
We are actively managing our power generation portfolio in a way that will support the achievement of our 2030 target. To assist with this portfolio steering towards lower emitting projects and customers, we apply specific policy measures that are differentiated between existing and new customers, as detailed in our en...
ANZ continues to grow our direct lending to renewable energy projects as part of our drive to fund and facilitate at least $100 billion by 2030 in social and environmental outcomes through customer activities and direct investments by ANZ, includes activities to protect nature and biodiversity. See page 20 for more det...
Opportunities for emissions reduction and challenges.
Power generation is currently the largest source of CO₂ emissions globally, accounting for almost 40% of all energy related CO₂ emissions.4 While installation of wind and solar PV continues to grow strongly, emissions from the power sector reached an all-time high in 2022 and are not currently on track to reach net zer...
A global tripling of renewable energy capacity by 20306 has therefore been identified as the most important contributor to emissions reductions that would put the energy sector on a pathway to limit warming to 1.5°C. This needs to be supported by a ramping up of electrification and a doubling in the pace of energy effi...
To support the delivery of these key milestones, the IEA has identified the need for significant scaling up of investment in clean energy by 2030, with the ratio of investment in fossil fuels to investment in clean energy technologies rising from 1:1.8 in 2023 to 1:10 by 2030 under its Net Zero Emissions Scenario.7.
Our choice of an emissions intensity reduction target recognises that under 1.5°C aligned scenarios, there is a need for substantially more electricity to be generated in 2050 compared with today. The additional demand is met mainly by low emissions sources of electricity while the share of unabated fossil fuels declin...
POWER GENERATION (CONTINUED)