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Emissions Intensity gCO₂-e/vkm 137 128.
Absolute Emissions Mt CO₂-e 2.36 2.12.
Portfolio-wide Intensity kgCO₂-e/$ lent 0.94 1.11.
Data Quality Score 1.96 1.93.
Powertrain mix – hybrid and electric N/A 19%
Current EAD $bn (% of Group EAD) 1.91 (0.16%) 90 100 80 50 60 70 30 20 10 40 0 ANZ Portfolio 2023 ANZ (2025 target) IEA NZE 2030 81% 9% 10% 10% 75% 15% 6% 38% 56%
Internal Combustion Engine (ICE) Hybrid Drive Electric Vehicle (EV)/Hydrogen Fuel Cell.
Auto manufacturing.
TRANSPORT.
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 57
Performance against target.
This is the first year ANZ has reported on the emissions intensity of our financed auto manufacturing scope 3 emissions as described above. Our 2022 portfolio baseline of 137g CO₂-e/ vkm is marginally below the IEA NZE 2050 baseline of 140g CO₂-e/vkm.
Graph 4a.1 shows the emissions intensity of our auto manufacturing portfolio which has reduced by 7% to 128g CO₂-e/vkm from our 2022 baseline. We expect this decline to continue, given the shift towards zero emissions vehicles. Several of our customers have either set production targets to phase out internal combustion...
We are supporting customers in the auto manufacturing industry move toward zero emission vehicle production and our 2030 target of 99g CO₂-e/vkm.
However, currently supply chain risks remain in the industry, especially related to the supply of batteries for electric vehicles.1 In this context, customer discussions to date have been positive, indicating that significant investment in research and development is underway to address supply chain issues including ba...
The hybrid and electric portion of the powertrain mix within ANZ’s target portfolio was 19% in 2023, which is on-track to meet the 2025 target of 25%. Our absolute emissions have decreased year-on-year, in-line with the industry trend towards producing more hybrid and/or zero emissions cars.
Actions to achieve 2030 target.
The automotive sector is one of the largest contributors to global2 emissions with approximately 8% associated with light duty vehicles (passenger cars) and will play a critical role in the path to net zero emissions. We recognise there will be significant and growing opportunities to support our customers in their eff...
ANZ engages with auto manufacturing customers who are part of our Large Emitters Engagement Program, to support and encourage this cohort to strengthen their low carbon transition plans.
The achievement of our 2030 intermediate targets for the auto manufacturing sector will require continuing improvements in the carbon intensity of newly produced vehicles. In particular ongoing investment in the production of zero emissions vehicles is needed.
1. Electric cars fend off supply challenges to more than double global sales – Analysis – IEA. 2. International Energy Agency (2021), Net-Zero by 2050, IEA, Paris.
The key design choices we used in calculating our emissions intensity reduction target for our auto manufacturing financing activities are summarised in Table 4a below.
Table 4a – Key design choices in calculating auto manufacturing production financed emissions reduction target 2030 target • 28% reduction in emissions intensity from 2022 baseline 2025 target • Target portfolio to reflect 25% production of hybrid (including plug in hybrid) and battery electric vehicles (or hydrogen fu...
ANZ customers included • Companies that own or operate one or more auto manufacturing facility (excludes vehicles other than cars, such as trucks, buses and motorbikes) and that we have at least $10m exposure at default (EAD) at the end of our financial reporting year (September 30)
Emissions included • Scope 3 – tailpipe emissions of cars manufactured by ANZ customers included in the target during the year of assessment (excludes vehicles other than cars, such as trucks, buses and motorbikes)
Metrics 1. Emissions intensity of newly manufactured cars (gCO₂-e/vkm) 2. The powertrain mix indicator showing the percentage per technology (internal combustion engines, hybrid (including plug in hybrid) and battery electric vehicles (or hydrogen fuel cell)) of our financed automotive portfolio.
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 (measures ANZ’s financing to customers as a proportion of ANZ’s total financing to the auto manufacturing sector)
Benchmarking Scenario • IEA’s NZE 2050 Scenario.
Key External Data Sources • Customer disclosures • Transition Pathway Initiative.
The information in this section should be read together with our disclaimer and important notices available here and our Financed Emissions Methodology available here.
AUTO MANUFACTURING (CONTINUED)
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 58
2030 Target Pathway (-30%)
IEA Net Zero Emissions 2050 Pathway (2021)
Actual Performance Against our Target 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2028 2030 2031 2032 2033 2036 2037 2038 2039 2040 2041 2042 2043 2034 2035 2046 2047 2048 2049 2050 2044 2045 0.
Emissions Intensity (gCO2-e/RPK) 1,200 1,000 600 800 400 200.
ANZ vs. pathway -9%
Graph 4b: Aviation.
Aviation Metrics Summary.
Metric 2019 2023.
Emissions Intensity gCO₂-e/RTK 902 828.
Absolute Emissions Mt CO₂-e 2.35 1.18.
Portfolio-wide Intensity kgCO₂-e/$ lent 0.91 0.58.
Data Quality Score 1.07 1.09.
Current EAD $bn (% of Group EAD) 2.04 (0.18%)
The key design choices we used in calculating our emissions intensity reduction target for our aviation financing activities are summarised in Table 4b below.
Table 4b – Key design choices in calculating the aviation sector emissions intensity reduction target 2030 target • 30% reduction in emissions intensity from 2019 baseline.
ANZ Customers Included • Commercial airlines that own and/or operate passenger and cargo aircraft on domestic and/or international routes and that we have at least $10m exposure at default (EAD) at the end of our financial reporting year (September 30)
Emissions Included • Scope 1 & 3 – jet fuel.
Metric • Emissions per revenue tonne-kilometre of air travel (gCO₂-e/RTK)
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 (measures ANZ’s financing to customers as a proportion of ANZ’s total financing to the aviation sector)
Benchmarking Scenario • Science-Based Targets initiative (SBTi) 1.5°C scenario.
Key External Data Sources • Customer reports • Transition Pathway Initiative.
Aviation.
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.