To Antonia Watson, CEO of ANZ Bank, New Zealand
Dear Ms Watson,
I have appreciated the efficiency of the ANZ Bank in handling our family finances for almost 60 years. This history makes me reluctant to transfer our funds to one of the four banks whose Kaupapa has kept pace with the priorities of this century.
I am considering doing so, however, since I have learned that ANZ New Zealand supports the coal mining operations of Bathurst Resources in the South Island. My concern led me to research ANZ’s approach to the major issue of this generation, commonly described as climate change and I found your Climate Report 2023, the first you’ve published.
I read with interest that ANZ NZ is a signatory to the Climate Leaders Coalition. May I remind you of what you have promised to do:
“This commitment includes setting objectives or targets to reduce our climate risk…. And to embed plans across our business to accelerate climate mitigation….As a member of the Net Zero Banking Alliance, the ANZ group commits to transition its lending in key sectors to net zero by 2050.”
It’s more than possible that we don’t have until 2050 to avoid the worst impacts of global heating as glaciers melt, forests are destroyed and parts of the earth become uninhabitable. We are already locked into centuries of heat but we can avoid the worst by urgently and radically stopping the use of fossil fuels.
“It’s more than possible that we don’t have until 2050 to avoid the worst impacts of global heating as glaciers melt, forests are destroyed and parts of the earth become uninhabitable. We are already locked into centuries of heat but we can avoid the worst by urgently and radically stopping the use of fossil fuels.”
This means that entities of power such as banks must do what governments have no political will to do – immediately stop financing fossil fuel projects and support instead those which, to quote your Australian CEO Shayne Elliott, “support an effective and orderly transition.”
The Climate Report makes clear you are aware of the important role moneylenders play: they can “make an impact and influence transition to a low emissions future by supporting access to finance to help reduce emissions…” Your support of coal mining is in direct contradiction to these aims.
Generous loans for industries and businesses to enable their transition to electric boilers would achieve significant emissions reductions.
I’d like to draw your attention to the results published in the Guardian (2 May 2025) of a recent survey which shows that “the public desire for climate action is deep and global.” The team of researchers found that 89% of people across the world want their governments to do more to fight global heating.
Surveys here show that at least 80% of those questioned have serious concerns about climate-related disasters.
If ANZ Bank were to publicly renounce financing Bathurst Resources and investing in fossil fuel companies this would bring your Kaupapa in line with that of a large section of the population. The number of fossil-free banks in NZ would increase to five and this would provide a strong counter to the climate-denial thrust of so many of this coalition govt’s actions.
I await with interest your reply.
Thanks to our supporter for this letter. If you are also considering breaking up with ANZ because you don’t want your money to fund fossil fuels, be sure to let them know! Visit our campaign page for our fossil-free banks movement, or click below to say no to new coal mines.