A worker at the New Acland Coal Mine. Picture: Russell Shakespeare
A worker at the New Acland Coal Mine. Picture: Russell Shakespeare

ANZ climate policy serves ‘inner-city latte’ elites: MP

ANZ bank has thumbed its nose at regional businesses and families in favour of virtue-signalling to the "inner-city latte" elites, Mirani MP Stephen Andrew says.

Mr Andrew claimed the bank announced this week it would no longer do business with farmers, miners and regional business who don't toe the "climate change and zero emissions line".

But ANZ chief executive Shayne Elliott has denied this is the case.

He defended ANZ's new climate change statement, which was released as part of the full-year results presentation, and read the bank would "engage with 100 of our largest emitting customers, focusing on energy, transport, buildings, and food, beverage and agriculture" while increasing lending support to renewables and lower-carbon gas.

Some media coverage suggested that meant ANZ would shift support away from farmers.

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"I want to assure you that this is absolutely not the case," Mr Elliott said.

"ANZ's climate change statement is focused on the top 100 carbon emitters and will have no impact on the bank's farmgate lending practices.

"We remain firmly committed to supporting Australia's farmers and producers, now and into the future."

Mirani MP Stephen Andrew.
Mirani MP Stephen Andrew.

But ANZ has committed to stop directly financing any new coal-fired power plants or thermal coal mines including expansions by 2030 under the new strategy.

Mr Andrew said regional Queensland would bear the brunt of the big bank's decision.

"They might reduce Australia's emissions by shutting down those industries but it will come at the expense of the economy and, ultimately, the bank's bottom line," the Mirani MP said.

"The emissions will simply move offshore and the jobs and economic activity will go with them."

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