Bank ‘run’ risk from ANZ climate lashing

A banking source said Mr Littleproud’s statement was risky during a recession when there was already so much economic uncertainty.

Mr Littleproud is the Minister for Agriculture and deputy Nationals leader.

He was an agribusiness banker for National Australia Bank and Queensland lender Suncorp before entering politics.

Suncorp during the 2008 global financial crisis was one of the banks regulators were most worried about and was a factor in then treasurer Wayne Swan introducing government guarantees.

Under the financial claims scheme, there is a government-backed safety net for bank deposits of up to $250,000 per account holder per deposit-taking institution.

ANZ said it would not accept any new thermal coal customers and reduce its tolerance for exposure to fossil fuels among existing customers, while backing a national net-zero emissions target by 2050.

ANZ chief executive Shayne Elliott said some of the reaction to ANZ’s updated climate policy had been “hysterical” and was a “sad misinterpretation”.

“ANZ’s climate change statement is focused on the top 100 carbon emitters, and will have no impact on the bank’s farmgate lending practices.

“We remain firmly committed to supporting Australia’s farmers and producers, now and into the future.”

Federal Resources Minister Keith Pitt reportedly likened ANZ to an “eco-warrior”.

“At a time when the rest of Australia is focused on economic recovery and getting back to work, it is extraordinary that ANZ’s priority is to play environmental activist,” Mr Pitt said.

Mr Elliott said ANZ was not responding to pressure from environmental activists, but rather following a global shift towards renewable energy and away from coal, including by major trading partners such as Japan.

ANZ would continue to lend for gas projects, he said.