ANZ climate pledge questioned over fossil fuel funding

Binaya Dahal

Journalist

18 December 2025

Australia’s most prominent security and finance leaders have pressed ANZ to end funding for coal, oil, and gas expansion, arguing fossil fuels threaten national safety and undermine the bank’s climate commitments.

The call comes as more than 100 shareholders alongside advocacy groups lodged a resolution demanding the bank prove how its financing of fossil fuel companies aligns with global climate targets.

Former chair of the Australian Coal Association and co-founder of the Australian Security Leaders Climate Group, Ian Dunlop said ANZ’s backing of companies including Woodside, Santos, and BP was “beyond belief”.

“Accelerating climate change has now reached an extremely dangerous phase requiring emergency action, akin to wartime, if its existential threat to civilisation is to be averted,” he said.

“The evidence is overwhelming, from climate-driven fires, floods and storms worldwide to the recent devastation in Southeast Asia.”

He added that Australia’s finance and banking industries have been badly underestimating extreme climate risks.

“Climate inaction and disinformation is the greatest threat facing Australia and the world today and will be for the foreseeable future. It’s time ANZ cleans up its act and backs a liveable planet.”

Senior analyst at Market Forces, Morgan Pickett said ANZ’s fossil fuel financing conflicts with its public claims of acting in line with science.

“The fire alarm’s ringing and ANZ need to wake up,” Pickett said.

“If the bank is serious about protecting Australians from more severe bushfires, floods and deadly heatwaves, it must stop offering finance to companies developing new fossil fuels.”

Shareholders and advocacy groups said they have also filed resolutions with Westpac demanding similar answers.