Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2022-06-02 00:00:00
GFANZ must tighten the screw on fossil fuel expansion
2022-05-19 00:00:00
BNP Paribas and Société Générale: stop financing climate destruction and human rights abuses
2022-05-04 00:00:00
Barclays is big on beef and burning
2022-05-04 00:00:00
Standard Chartered’s 2022 AGM dominated by shareholder alarm over fossil financing
2022-05-20 15:14:47
Seven financiers abandon TotalEnergies' EACOP pipeline in a week
2021-12-16 13:33:02
Cambo oil field "paused" following pressure on Shell & banks
2021-12-16 13:04:42
Equator Principles improve transparency after BankTrack shows the way
2021-11-02 11:03:26
ANZ launches human rights grievance mechanism in a first for the global banking sector
Connect
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
2022-03-08 00:00:00
BankTrack Annual Report 2021
2022-03-03 00:00:00
Locked out of a Just Transition: fossil fuel financing in Africa
2021-12-14 00:00:00
Actions speak louder: Assessing bank responses to human rights violations
2021-10-26 00:00:00
Equator Compliant Climate Destruction: How banks finance fossil fuels under the Equator Principles
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
ANZ climate complaint ruling highlights need for Australia to follow other countries and pass new climate finance laws
Start
Banks

By: Friends of the Earth Australia
2021-12-15

Contact:

Sam Cossar, Friends of the Earth, Economic Justice campaigner, +61 0413 496 570.


Share this page:

Bushfire survivors filed a complaint against ANZ. Photo: Friends of the Earth Australia
Go to:
Start
Related Banks

After almost two years, the Australian National Contact Point has made a determination on the international climate complaint by Bushfire survivors and Friends of the Earth Australia. The complainants express their disappointment  that the determination finds ANZ’s practices are ‘consistent’ with the Organisation for Economic Co-operation and Development (OECD) Guidelines on Multinational Enterprises. Yet we note a number of important findings in the ruling that will support the development of climate litigation  in Australia and globally.

The Independent Examiner found that “Accordingly, each entity in that chain has obligations regarding climate change: government regulators (international legal obligations), businesses (due diligence obligations under the UNGPs and Guidelines), and individuals (eg. not to harm others human rights).”

The  Independent Examiner rightly called for the OECD guidelines to be updated to address Human Rights threats caused by climate change,  stating  “the increasing awareness that the Guidelines’ text around climate change and environmental expectations of companies is behind current practice. This is an issue canvassed as part of the OECD’s public consultation on its ‘draft stocktaking report …… The Independent Examiner recommends this Final Statement be brought to the attention of the OECD and its advisory bodies to the Investment Committee (BIAC and TUAC) together with OECD Watch.’”

Jack Egan, Bushfire survivor and co-claimant said “While ANZ has recently ruled out funding new coal extraction,  it continues to fund new gas developments. Having lost my NSW south coast home to a climate driven megafire in 2019 I know that climate chaos is here now and for ANZ to continue funding new gas extraction is adding fuel to future fires.”

Since Friends of the Earth and Bushfire Survivors launched this complaint in 2019 the New Zealand parliament has tabled a Climate Risk Financial Disclosure Bill, which will impact ANZ due to the banks  substantial business operations in New Zealand (1).  The Australian Labor Party shadow finance minister has indicated support for a similar Bill in Australia (2). Furthermore  the UK government has recently announced plans to force companies to publish their plans to achieve 2050 net zero emissions.

Sam Cossar, Friends of the Earth Australia said, “Banks and financiers are the lifeblood of the fossil fuel companies driving the climate crisis. We echo calls from the Independent examiner to update the OECD guidelines to address  climate change. This complaint also shows the need for the Australian government to follow other countries and implement new binding climate finance laws to protect people and the planet. “

A full copy of the Australian National Contact Point Final statement is available here: 

https://ausncp.gov.au/sites/default/files/2021-12/AusNCP_Final_Statement_Friends_of_Earth_0.pdf

 

Notes:

(1) https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

(2) https://www.smh.com.au/politics/federal/tougher-climate-change-disclosure-laws-under-labor-20211103-p595of.html

 

From www.foe.org/au.

Go to:
Start
Related Banks

Related banks

ANZ Australia

active
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted