Australia’s regulator says its banks are likely to reduce lending to regions and sectors at risk of climate change impacts

A new report by the Australian Prudential Regulation Authority (Apra) found climate change could make banks more vulnerable to economic downturns as they face up to a threefold increase in lending losses by 2050, but the report says, that the system should be able to absorb the impact.

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ANZ earmarks $67B to accelerate net zero transition

December 1, 2022

Australia and New Zealand Banking Group Ltd (ANZ) said it had earmarked A$100 billion ($67.63 billion) to help its customers lower carbon emissions by 2030, as the lender looks to accelerate its transition to net zero. Part of the amount will be used for initiatives, which include facilitating concessional loans for businesses to buy energy-efficient equipment, and financing construction of energy efficient large-scale office buildings. Australia’s fourth-largest bank also said it would reduce exposure to its largest carbon-emitting customers that do not improve their emission transition plans by 2025.

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