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Article

30 Jan 2020

Author:
Friends of the Earth Australia

Complaint to the Australian National Contact Point

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"Friends of the Earth Australia et al., versus Australia and New Zealand Banking Group", 30 January 2020

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This complaint relates to the violation of the Organisation for Economic Co-operation and Development Guidelines for Multinational Enterprises (‘OECD Guidelines’) by the Australia and New Zealand Banking Group (‘ANZ’).

We submit that ANZ has not adhered to the standards...of the OECD Guidelines, referring to Due Diligence, Disclosure, Environment, and Consumer Interests respectively....

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ANZ has contradicted this publicly stated commitment to the Paris Agreement in a number of respects, and ANZ’s overall conduct over the past three years only reflects a partial commitment to the Paris Agreement targets. ANZ has not been fully transparent in relation to its indirect emissions. It remains the biggest financer of fossil fuels among the big four Australian banks and it has neglected a number of opportunities to improve its direct and indirect environmental impact.5 Among the big four banks, it has invested the least amount of financial resources in renewable energy. Crucially, ANZ’s lack of full disclosure about its climate change impacts prevents consumers from making informed decisions about whether or not to engage with the bank.

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