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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 59
Performance against target.
This is the first year ANZ has reported on the emissions intensity of our aviation financing activities. Our 2019 portfolio baseline of 902g gCO₂-e/RTK is below the SBTi baseline of 1,023g gCO₂-e/RTK.
Graph 4b shows the emissions intensity of our aviation portfolio in 2023 has reduced by 8% to 828 gCO₂-e/RTK from our 2019 baseline.
We are seeking to support the aviation industry move toward net-zero emissions and our 2030 target of 720 gCO₂-e/RTK is in-line with the SBTi trajectory.
Actions to achieve 2030 target.
In 2022 aviation accounted for 2% of global energy-related CO₂ emissions, having grown faster in recent decades than rail, road or shipping.1 As international travel demand recovers following the Covid-19 pandemic, aviation emissions rose in 2022 to reach nearly 80% of their pre-pandemic peak in 2019.
Aviation is one of the hard-to-abate sectors that still requires concerted efforts to develop commercially viable alternative technologies and solutions that can be deployed at scale. To achieve Net Zero, it is estimated that the industry will have to reduce fuel-burn emissions from aircraft to zero, eliminating 21.2 G...
The International Air Transport Association (IATA) Net Zero strategy estimates that 65% of the reduction will have to come from the adoption of sustainable aviation fuel (SAF), 13% from new aircraft technologies such as alternative propulsion, including electric and hydrogen, 3% from continued improvement of operationa...
ANZ engages with aviation customers on their low carbon transition plans, with the aim of realising incremental emission reductions in the sector. We are supporting and encouraging customers in this cohort to strengthen their low carbon transition plans.
We will continue to support aviation customers above this benchmark– in fact, lending to support customers’ transition plans may mean the emissions intensity of our portfolio goes up for a period as we may increase exposure to these customers. For example, to support our customers to invest in new technologies or resea...
If the uptake of sustainable aviation fuel and adoption of new aircraft technologies do not occur quickly enough, we recognise that achieving our targets may become unlikely. However, were this to occur, we anticipate that aviation scenarios would be adjusted to reflect a longer time horizon and we may update our pathw...
1. Aviation – IEA. 2. IATA – Fly Net Zero.
AVIATION (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 60
0 2030 Target Pathway (-10%) IEA Net Zero Emissions 2050 Pathway (2021) Actual Performance Against our Target 2050.
Absolute Emissions (Mt CO2-e) 0.60 0.50 0.30 0.40 0.20 0.10 2022 2024 2026 2028 2032 2034 2036 2038 2030 2042 2044 2046 2048 2040 2023 2025 2027 2029 2033 2035 2037 2039 2031 2043 2045 2047 2049 2041.
ANZ vs. pathway -12%
Graph 4c: Shipping.
Shipping Metrics Summary.
Metric 2022 2023.
Absolute Emissions Mt CO₂-e 0.48 0.42.
Portfolio-wide Intensity kg CO₂-e/$ lent 0.33 0.29.
Data Quality Score 1.01 1.02.
Current EAD $bn (% of Group EAD) 1.24 (0.11%)
The key design choices we used in calculating our absolute emissions reduction target for our shipping financing activities are summarised in Table 4c below.
Table 4c – Key design choices in calculating the shipping sector absolute emissions reduction target 2030 target • 10% reduction in absolute financed emissions from 2022 baseline.
ANZ Customers Included • Companies whose primary activity includes owning and operating domestic and/or international ocean-going vessels 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 emissions (fuel production, distribution and combustion)
Metric • Absolute emissions of shipping (Mt CO₂-e)
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 • 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 (NZE 2050) (May 2021)
Key External Data Sources • Customer disclosures.
Shipping.
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 61
Performance against target.
This is the first year ANZ has reported on the absolute emissions of our shipping financing activities. Our 2022 portfolio baseline of 0.481 Mt CO₂-e has been baselined against the IEA NZE 2050 trajectory.
Graph 4c shows that the absolute emissions of our shipping portfolio has reduced to 0.416 Mt CO₂-e from our 2022 baseline, which is below the IEA NZE 2050 trajectory of 0.475 Mt CO₂-e.
Actions to achieve 2030 target.
Currently a small number of customers from the shipping sector make up a material part of the overall emissions of ANZ’s shipping pathway. We have begun, and will continue, to engage with customers to understand their transition plans, emissions reduction targets and how we can assist these customers transition towards...
The achievement of our 2030 intermediate targets for the shipping sector will require continuing improvements in the absolute emissions of our customers’ shipping operations. However, as our customers work towards optimising operational efficiency, retrofitting existing assets, and switching to low-carbon fuels, we exp...
Opportunities for emissions reduction and challenges.
The shipping sector serves as a critical link in many global supply chains and as the foundation of intercontinental trade. In its 2022 Review of Maritime Transport, United Nations Conference on Trade and Development noted that more than 80% of global trade by volume is carried by sea.1.
However, shipping is responsible for around 2.5% of total energy sector emissions as per the International Energy Agency’s Net Zero Emissions (NZE 2050) pathway2. According to the NZE 2050 pathway, the shipping industry is one of the few transport modes that does not achieve net-zero emissions by 2050.
This is due to the long lifetime of vessels (typically 25-35 years) and lack of available low-carbon options commercially available today. Nevertheless, to align to the NZE 20250 pathway emissions are expected to decline each year in the shipping sector.2.
In the short term, it appears that there is considerable potential for curbing fuel consumption in the shipping industry through measures to optimise operational efficiency and improve energy efficiency. Such approaches include slow steaming and the use of wind-assistance technologies2.