ANZ is playing its part in meeting the social, environmental and economic challenges posed by climate change.
We are managing the associated risks and opportunities and we understand societal expectations that we assist our customers to transition to a decarbonised economy.
Our Climate Change Statement confirms our support for international agreement to limit the average global temperature rise to no more than 2°C above pre-industrial levels and sets out the actions we are taking in support of this goal.
Climate risk disclosure
Climate risk reporting is evolving and we recognise it can be difficult for stakeholders to compare information being reported.
In 2017 we welcomed the work of the Financial Stability Board’s (FSB) Taskforce on Climate-related Financial Disclosures (TCFD) and anticipate that the recommendations will assist us in aligning many of our existing regulatory and voluntary reporting requirements. We were the first bank globally to align our disclosures with the TCFD recommendations, outlining our carbon strategy governance, management, metrics and targets in our Annual Review.
We are also one of 16 international banks participating in a United Nations Environment Programme Finance Initiative (UNEP FI) working group focussed on the application of the TCFD's recommendations for financial institutions. We are working with other banks to develop tools and approaches to inform our risk management and to identify where opportunities exist to support our customers' transition to a low carbon economy.
As part of our UNEP FI participation, we have formed the Australian Portfolio Carbon Working Group, with the three other major Australian banks, an informal, collaborative working group recognised by the Initiative.