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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 52
Oil and gas 16.0 14.0 12.0 10.0 6.0 8.0 4.0 2.0 0.
Estimated Performance (post-APRA reform)
IEA Net Zero Emissions 2050 Pathway (pre-APRA reform)(-26%)
Updated IEA Net Zero Emissions 2050 Pathway (post-APRA reform)(-26%)
Actual Performance Against our Target.
ANZ vs. pathway -25% 2050 2022 2024 2026 2028 2032 2034 2036 2038 2030 2042 2044 2046 2048 2040 2020 2021 2023 2025 2027 2029 2033 2035 2037 2039 2031 2043 2045 2047 2049 2041.
ANZ Financed Emissions (Mt CO2e)
Previous 2030 Target 10.36 Mt.
New 2030 Target 9.40 Mt.
Graph 2.1: Oil and gas.
Oil and Gas Metrics Summary.
Metric 2020 2022 2023.
Absolute financed emissions (Mt CO₂-e)1 14.0 14.4 8.9.
Physical emissions intensity (kg CO₂-e/GJ produced) 70.8 70.9 69.4.
Portfolio-wide intensity (kg CO₂-e/$ lent) 1.33 1.50 1.33.
Data Quality Score2 • Scope 1 & 2 • Scope 3 • Not scored • Not scored • 1.45 • 3.00 • 1.55 • 3.00.
Current EAD $bn (% of Group EAD) 6.67 (0.57%)
The key design choices we used to calculate our 2030 oil and gas target are summarised in Table 2 below.
Table 2 – Key design choices in calculating 2030 oil and gas target 2030 Target • 26% reduction3 in absolute financed emissions from 2020 baseline.
ANZ Customers Included • Exploration and production (includes dedicated upstream companies, and LNG producers) • Integrated oil and gas producers • Customers above are included where ANZ’s exposure is at least $10 million.
Emissions Included • Scopes 1, 2 and 3 (Category 11, product use) for all companies included in scope, preferably on an equity-based accounting approach where that data is available from customers.
Metric • Absolute emissions (in million tonnes CO₂-e) (Mt CO₂-e)
Financing Activities Included • Exposure at default: 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 • ANZ financing to customers as a proportion of customer value. Customer values are based on the following definitions: – Private company: Book value of debt and equity – Public company: Enterprise value including cash (EVIC)
Benchmarking Scenario • International Energy Agency (IEA) Net Zero Emissions by 2050 World Scenario (2021)
Key External Data Sources • Customer disclosures • Wood Mackenzie • Rystad • International Energy Agency • American Petroleum Institute • Intergovernmental Panel on Climate Change 1. We have restated our 2020 and 2022 results to reflect changes in data sources that we have relied on to calculate Scope 3 emissions for s...
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 53
Target Adjustment.
While maintaining our target to reduce absolute financed emissions by 26% by 2030, during 2023 ANZ adjusted downwards the 2020 baseline for the target. This will result in a lower level of target absolute emissions by 2030. We have done this following the introduction of new APRA Basel IV rules that alter the way EAD i...
Our adjusted 2020 baseline (used only for the purposes of calculating a 26% emissions reduction target) has been estimated at 12.7Mt, leading to a revised 2030 target of 9.4Mt.
OIL AND GAS (CONTINUED) 1. While these APRA capital reforms only came into effect from 1 January 2023, we see it as important to benchmark our current and future performance against a consistent set of rules, hence the reason why we have estimated what our financed emissions for the 2020 year would have been using the ...
Our 2023 financed emissions of 8.9 Mt CO₂-e is 30% below our updated 2020 baseline of 12.7Mt and 25% below our target pathway. This decline was due to a combination of factors, which are summarised below: • Higher energy prices translated into higher company valuations, meaning providers of debt capital – like ANZ – ar...
To complement our financed emissions target we are also setting a 40% EAD reduction target by end 2025.
Given that financed emissions are calculated from a combination of factors that are both within and outside of ANZ's control, we encourage stakeholders to take a longer-term view of our progress and the ‘trend’ in our financed emissions, rather than focusing on year-on-year outcomes.
Performance against target Actions to achieve 2030 target.
We recognise that achieving our 2030 target will require a re-weighting of our portfolio towards customers with stronger emissions reduction targets and diversification strategies.
To help achieve this portfolio re-weighting, we will continue engaging with our customers in our oil and gas portfolio, seeking transition plans by end 2025 in line with our Climate Change Commitment and Extractive Industries Policy. This engagement is important so that we can identify which customers need to improve t...
Opportunities for emissions reduction and challenges.
Our choice of an absolute emissions reduction target recognises that there are limited opportunities to fully reduce the carbon intensity of fossil fuel product in all 1.5°C aligned scenarios.
In relation to their own operations, a priority for oil and gas companies is to minimise methane leaks through a focus on leak detection and repair. Other important steps include avoidance of non-emergency flaring and venting along with significant electrification of upstream operations. In relation to Scope 3 emission...
14.0 16.0 2022 APRA capital reforms (est.) 2022 (post-APRA capital reforms) Changes in exposure & valuations.
Customer emissions performance 2023 12.0 10.0 8.0 4.0 6.0 2.0 0
14.4 (1.3) 13.0 (3.2) (1.0) 8.9.
Financed Emissions (Mt CO2e)
Increase Decrease Total.
Graph 2.2 – Oil and gas portfolio emissions intensity movements.
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.