Widespread climate protests shut down a multitude of ANZ branches across Aotearoa this week, sending a clear message: ANZ’s climate commitments aren’t acceptable in the midst of a climate crisis. While the bank talks about environmental responsibility, its policies contain carefully crafted loopholes that enable some of the most climate-damaging projects and proposals in Australasia.
The Problem with ANZ’s “Thermal Coal Only” Policy
ANZ’s climate policy restricts only “thermal coal” funding – a deliberate limitation that leaves the door wide open for half a dozen other destructive coal projects in Aotearoa. This isn’t an oversight; it’s a strategic choice that allows ANZ to maintain their position as New Zealand’s biggest fossil fuel lender while appearing climate-conscious.
The most glaring example is Bathurst Resources’ proposed Denniston Plateau coal mine. Because this project targets coking coal for steelmaking rather than thermal coal for electricity, ANZ’s current policies provide no barrier to funding this climate catastrophe. The same loophole applies to their existing support for the Stockton mine, where coal transport has recently been disrupted by protesters suspended in coal buckets.
What We’re Demanding: Close the Loopholes
Our demands are straightforward and urgent:
- End ties with ALL coal mining – not just thermal coal. If ANZ is serious about climate action, they need policies that reflect the reality that all coal contributes to the climate crisis.
- End banking services to fossil fuel expansionists – Others banks such as BNZ have committed to shutting down banking services to fossil fuel expansionists, like Bathurst, by 2030. It’s time for ANZ to do the same.
- Ideally, end ties with all fossil fuel companies – following Kiwibank’s lead in divesting from fossil fuels entirely. As climate impacts intensify across our communities, there’s no justification for continuing to enable fossil fuel expansion through banking services. Find out more about our Fossil Free Banks campaign.
The Steel Industry Excuse is Outdated
ANZ and Bathurst Resources often justify coking coal projects by claiming steel production requires coal. This argument is increasingly obsolete. NZ Steel is already transitioning away from coal, using electric arc furnace technology. Globally, a third of steel production now uses electricity and recycled steel through these same electric arc furnaces.
The technological landscape for steel production is rapidly evolving, and the necessity for coking coal is diminishing fast. Projects like Bathurst’s proposed Denniston mine represent investments in increasingly obsolete technology with devastating environmental consequences. Why should New Zealand’s largest fossil fuel funder enable this backwards step?
ANZ’s Worsening Climate Record
The 2025 Banking on Climate Chaos report reveals ANZ directed over US$2 billion to fossil fuel companies in 2024, maintaining their position as the worst of Australia’s Big Four banks on climate. While other major banks are at least attempting to reduce fossil fuel exposure, ANZ’s fossil fuel lending has actually increased by $54 million compared to last year.
This international report tracks financing for 706 oil, gas, and coal companies expanding fossil fuels, ranking ANZ 52nd globally among the world’s worst fossil fuel financiers. For a bank operating in a country experiencing firsthand the devastating impacts of climate change – from flooding to extreme weather events – this ranking is inexcusable.
Engagement must lead to action
ANZ has been engaging with 350 Aotearoa, which we appreciate, but their policies remain fundamentally unchanged. While we value dialogue, we’re still awaiting a response to our latest correspondence calling for real policy change.
For engagement to be meaningful in the face of the climate crisis, it needs to result in concrete policy shifts that match the urgency of the situation. We’re hopeful that ANZ will move beyond consultation to implement the policy changes needed to align with climate science.
The Path Forward
Hundreds of activists in at least eleven locations across the country have taken to ANZ offices during two weeks of action this year – and this is just the beginning. Until ANZ changes their policies to exclude ALL fossil fuel financing – not just thermal coal – people will continue taking action to protect the people and places that they love.
What You Can Do
- Sign the petition and join thousands of others in demanding that ANZ drop Denniston
- Contact ANZ directly and demand that they close the coking coal loophole in their climate policies.
- Move your money to banks like Kiwibank that have genuinely divested from fossil fuels. Find resources here.
- Support climate campaigns calling for real accountability from financial institutions.
- Join local actions – follow 350 Aotearoa, Climate Liberation Aotearoa or local climate action groups in your area for upcoming opportunities.
The climate crisis demands urgent action from every institution with the power to drive change. ANZ’s current policies fail this test spectacularly. Until they commit to genuine fossil fuel divestment, the climate movement will continue holding them accountable through direct action and public pressure.
The choice is clear: ANZ can be part of the climate solution, or they can continue facing escalating climate resistance. We’re determined to ensure they make the right choice – for our climate, our communities, and our future.
