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Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 71
Performance summary.
The average emissions intensity of our Australian home loan customer’s homes in 2023 was 4.44 tCO₂-e per dwelling. These are the emissions resulting from our customer’s use of electricity, gas and LPG across more than 700,000 dwellings across Australia.
Electricity from local power grids is the largest source of residential emissions in each state and territory. Residential emissions are considerably lower in Tasmania and South Australia, because those states have the least carbon intensive electricity grids. In contrast, homes located in the warmer climate of the Nor...
Gas is the next largest contributor to household emissions, although there are considerable differences in consumption between state and territories across Australia. Victoria and the ACT are the largest users of gas, which is a function of high penetration of gas connections across those jurisdictions (78% and 66% res...
The key design choices we used in calculating the average emissions per dwelling of our Australian residential home loan portfolio are summarised in Table 8b.
Table 8b – Key design choices in calculating the average emissions intensity of our Australian residential home loan portfolio.
Activities Included • Energy-related emissions from the day-to-day running of ANZ residential home loan customers’ properties.
Emissions Included • Scope 1 (Gas and Liquified Petroleum Gas (LPG)) and Scope 2 (electricity use sourced from local electricity grids)
Metric • Average emissions per dwelling (tCO₂-e)
Financing Activities Included • On-balance sheet loans for the purchase and refinance of residential properties, including individual homes and multi-family housing with a small number of units.
Attribution Approach • Calculated for each individual home loan property and based on a loan-to-value approach where the outstanding amount of loans at the end of May each year is divided by the property value at loan origination (or latest financing event)
Benchmarking Scenario • Not applicable (no target set)
Key External Data Sources • Gas and electricity distributors • State and national energy regulators • Australian Energy Statistics (Department of Climate Change, Energy, the Environment and Water)
The information in this section should be read together with our disclaimer and important notices available here and our Financed Emissions Methodology available here.
AUSTRALIAN RESIDENTIAL HOME LOANS (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 72
Differences in energy related emissions were found to exist not only across different states and territories of Australia, but also in dwellings within the same metropolitan area. The maps on the right show average emissions per dwelling for postcodes within metropolitan Melbourne, Sydney and Brisbane that are responsi...
AUSTRALIAN RESIDENTIAL HOME LOANS (CONTINUED)
Graph 8b.3 – Melbourne metro.
Graph 8b.5 – Brisbane metro.
Graph 8b.4 – Sydney metro.
Average Scope 1 and 2 Emissions per Dwelling (tCO2e) 4 5 6 7 8 9 10 11 12.
Average Scope 1 and 2 Emissions per Dwelling (tCO2e) 2.7 3.5 4.3 5.0 5.8 6.6 7.4 8.2 9.0.
Average Scope 1 and 2 Emissions per Dwelling (tCO2e) 3.1 3.5 3.9 4.3 4.8 5.2 5.6 6.0 6.4.
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 73
Our customers in Victoria, New South Wales and Queensland are responsible for 84% of our total financed emissions. Around 40% of the total comes from our Victorian customers’ homes, where we have the highest number of residential home loan customers. Despite Victoria having lower electricity consumption per dwelling th...
Opportunities for emissions reduction and challenges.
For ANZ’s home loan portfolio to reach net zero emissions, this will depend not only on the actions that our customers take, but also the combined actions of governments and regulatory and planning bodies that have a key role in decarbonising energy supply and improving the energy efficiency of homes and the sustainabi...
As financiers, our role in supporting the decarbonisation of Australian homes is multifaceted. Electricity is the largest source of emissions in Australian homes and ANZ is supporting the higher penetration of renewables into electricity grids that supply our customers’ homes. We also recognise our role in providing fi...
While ANZ has not yet committed to a target for reducing the emissions from our Australian home loan customers’ homes, we recognise that any pathway to net zero emissions will require a concerted shift towards electrification of end-uses such as space heating and water heating and cooking. Taken together, gas and LPG a...
We note recent policy changes of the ACT and Victorian Governments – along with several other local government jurisdictions – to phase out gas connections in new homes starting from late-2023. Significant challenges remain however in electrifying existing homes and improving their overall energy efficiency. ANZ recogn...
AUSTRALIAN RESIDENTIAL HOME LOANS (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 74
LARGE INSTITUTIONAL AGRIBUSINESS CUSTOMERS.
In Australia, the agribusiness sector represents approximately 14%1 of Australia’s emission profile with data availability an ongoing challenge across the sector.
ANZ has set a data coverage target for our Large Institutional Agribusiness Customers (LIAC)2 to encourage and support the provision of high quality and comparable emissions data. The customers included in the target are all large companies, either multinationals with significant operations in Australia or companies he...
Each of our customers handle one or more of the different agricultural commodities including: grain, dairy, rice, poultry, beef, viticulture, aquaculture and horticulture. Each of these commodities has a unique emissions profile and may require an industry specific pathway to transition to net zero. There is currently ...
On that basis, ANZ believes it is premature to set an emissions reduction target. However, with the intention of improving our understanding of our LIACs and to encourage their efforts to improve disclosure in this area, we have developed a data coverage target, see Table 9.