'Sheer virtue signalling': ANZ carbon policy riles Nationals

Senior Nationals politicians say ANZ's push for its 100 largest carbon-polluting customers to reduce emissions is virtue signalling, warning the bank it is not society's moral compass.

29/10/2020 8:06:00 AM

Senior Nationals politicians say ANZ's push for its 100 largest carbon-polluting customers to reduce emissions is virtue signalling, warning the bank it is not society's moral compass | micksfoley CharlotteGriev1

Senior Nationals politicians say ANZ's push for its 100 largest carbon-polluting customers to reduce emissions is virtue signalling, warning the bank it is not society's moral compass.

outlined by ANZ during its results announcementon Thursday said the bank's biggest emitting customers in energy, transport, building, food and agriculture were expected to work with it to develop a plan to "establish or strengthen low carbon transition plans".

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Deputy Nationals leader and Agriculture Minister David Littleproud (right), with Deputy Prime Minister Michael McCormack, says"banks are not, and should not try to become, society's moral compass and arbiter".Credit:Alex EllinghausenFederal Agriculture Minister David Littleproud, a former executive with Suncorp Bank, said issues of policy and morality should be left to representative government.

"Banks are not, and should not try to become, society's moral compass and arbiter – the Australian people decide that by who they elect," Mr Littleproud said.AdvertisementLoading"We can't let unelected, profit-driven financiers from Pitt Street dictate to society how to produce food and fibre or how we run our economy."

Deputy Prime Minister Michael McCormack said a bank forcing industry to report their emissions was "sheer virtue signalling"."The banking sector's entire focus should be on supporting our agricultural producers, not adding an extra layer of administration," Mr McCormack said. "Transport, fertiliser and fuel companies snared by these new rules could have no choice but to pass on costs along the agricultural supply chain, only to have farmers pick up the bill at the end."

But ANZ chief executive Shayne Elliott said the bank's policy was "progressive and appropriate for the time" and would impact only "the really big companies in Australia"."I know some farms in Australia are pretty big but I'd be really surprised if the 100 largest emitting customers included mum and dad farms. So no, it's not going to impact them," Mr Elliott said.

Loading"We're working with the really, really big food manufacturing companies, all of whom, in our experience, are fully engaged in that conversation. It's just about us working together around a just transition, and a transition towards that lower carbon future."

Australia's largest farm representative groups have set themselves emissions reduction targets. The National Farmers' Federationhas set a target for net-zeroemissions by 2050. Industry peak lobby group GrainGrowers has endorsed the NFF's plans and committed to develop a grain-specific target for 2030 within the next 18 months. The red meat sector set a goal in 2017 to reach net zero by 2030.

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Multinational food companies are investing millions of dollars in Australia to measure agricultural greenhouse gas emissions, which analysts say is a move to avoid being stung with trade tariffs or charges by countries that have set global warming goals.

LoadingAustralian Farm Institute managing director Richard Heath said there was "no moralising about it" when agribusiness committed to emissions reduction."It's a result of having a cold hard look at the short-term business environment as well as a longer assessment of business sustainability that is driving the change," Mr Heath said.

Mr Littleproud was critical of ANZ, but acknowledged its policy was limited to large agribusiness."While ANZ has confirmed with me this morning that this will not impact family farms, this policy is disgraceful," he said.ANZ also announcedit would exit thermal coal by 2030 and immediately stop funding for new coal mines and power stations.

Labor agriculture and resources spokesman Joel Fitzgibbon said he'd spoken to ANZ and had been "assured the bank's policy will do no harm to our farmers"."Banks make money by lending money and I'm sure if they don't want to lend money to our profitable coal mining sector, the mining companies will find someone else prepared to do so."

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micksfoley CharlotteGriev1 Companies entitled to implement any policies they like that do not break laws and deliver shareholder value - free market can decide to defund ANZ - attempts at government interference are the real 'virtue signalling' ? Neo-liberals have such a limited grasp of basic economics.

Corrupt Nats say what? micksfoley CharlotteGriev1 I must emphasise that if famous clowns like Christensen, Canavan, Palmer, Pantsdown, Butler, Farrell (Catholic Right nutter anointed minister by Gillard), and, come on people, man up: AlboMP want banks to virtually burn $b's for toxic lethal garbage, they will not, ok? auspol

micksfoley CharlotteGriev1 Shareholder interests are high on a bank’s priority list of obligations. They are simply doing the sums and have worked out that lending money to a business sector that is knowingly heading towards producing something the market won’t accept, let alone buy isn’t acceptable.

micksfoley CharlotteGriev1 More proof - of any were needed - the Nationals are the parliamentary representatives of the mining industry micksfoley CharlotteGriev1 The bank is trying to do the right thing. Are you? micksfoley CharlotteGriev1 The banks see an opportunity to make big money because there’s a lot of government subsidy funds involved so once again the taxpayers will continue to be bled and the billion dollar banks will make more at the expense of the people, it’s just one big con you fools

micksfoley CharlotteGriev1 The National Socialists are still living in the 1950s. Decarbonising is good business. Get on board or get left behind. micksfoley CharlotteGriev1 Nor is the mining lobby (National Party) our moral compass. micksfoley CharlotteGriev1 The bank has a better ‘moral compass’ than the Nationals will ever have !

micksfoley CharlotteGriev1 Time to boycott these Luddites. micksfoley CharlotteGriev1 Neither are the Nationals! micksfoley CharlotteGriev1 Politicians are not society's moral compass either. micksfoley CharlotteGriev1 Well gentleman, someone has to stand up to you and tell you some facts about life and what it will be for our children and grandchildren. Your minds are so closed it's painful to listen to. JFC !! what morons.

I’m pretty sure that Royal Commission into the banking industry proved banks don’t do things to be ‘moral leaders’, they make these decisions because it doesn’t make financial sense. micksfoley CharlotteGriev1 It's the nationals job to reduce pollution, but they have failed! micksfoley CharlotteGriev1 coopesdetat 🥔

micksfoley CharlotteGriev1 What does climate change have to do with morality? It's about science. Something Littleproud isn't that familiar with. micksfoley CharlotteGriev1 From the guys who brought you live export sheep boiling alive and did sweet f’all about it .... morals..... micksfoley CharlotteGriev1 How strange that the Nationals aim to represent a community so dramatically affected by climate change and don’t.

micksfoley CharlotteGriev1 However, the ANZ’s moral compass appears to be far better in line with the average Australian’s than the National Party’s moral compass ... if there is such a thing! micksfoley CharlotteGriev1 The Nats are ignorance signalling and have run out of virtue micksfoley CharlotteGriev1 The banks know what their shareholders want, including the big super funds.

micksfoley CharlotteGriev1 F o r sure these guys aren't either micksfoley CharlotteGriev1 I’m staggered micksfoley CharlotteGriev1 Science deniers telling again. These folk need a thesaurus. It's all a bit tired. micksfoley CharlotteGriev1 Oh so it is a virtue then... Thanks for the clarification LNP.

micksfoley CharlotteGriev1 Somebody has to make a stand as LNP just put it into the 2 HARD basket every time!!👎🤪🤔😡 micksfoley CharlotteGriev1 Sold my shares today Go woke go broke on your own thanks

Federal government accuses ANZ of 'virtue signalling' for adopting carbon targets as a condition of lendingAustralia's two most senior Nationals MP have slammed a 'virtue signalling' and “out of touch” ANZ after it introduced new measures to lower its carbon footprint. Moralising Minister with little to no ethics virtue signalling. Now more than ever the LNP Federal government is so out of touch with global climate change - and in fact normal, everyday living!

ANZ cash profit drops 42 per cent | Sky News AustraliaANZ has released its full year results, reporting a 42 per cent drop in cash profit to $3.75 billion.\n\nThe bank is paying a final dividend of 35 cents per share.\n Yeah cry me a river WHATSAPP App; U$ 0488890351 C0NTACT U$ WlCKR lD:::: XANAX500 W:e:e:d * C:o:k:e * p:i:LLs * S:h:a:r:d* H:am:m:e:r* M:e:th * o:x:y *❤️❤️❤️🙌🙌👏❤️🔥🔥🔥🔥🔥😍😍😍😍😍😍😍😍❤️❤️❤️❤️❤️❤️😮😮😮😮😮👏👏👏👏❤️❤️❤️❤️ Oh, poor bank!

ANZ reports 42 per cent profit fall, scales back its dividendANZ has reported a 42 per cent fall in full-year cash profit and has committed to paying a massively scaled-back dividend due to credit losses and writedowns in its Asian businesses brought on by the coronavirus pandemic. CharlotteGriev1 Do not concern yourself the government is doing all it can to save them at our expense.

ANZ annual profit slumps 40pc to $3.58 billionANZ announces a sharp fall in full-year profit, citing the impacts of the coronavirus pandemic. Nasty To be fair, they’re an incredibly shit bank who constantly shoot themselves in the foot with bad decisions too 🤷‍♂️ Get woke go broke

ANZ Bank launch ambitious climate plan | Sky News AustraliaThe ANZ Bank is embarking on an ambitious climate campaign, increasing pressure on farmers, construction firms and other companies to establish low carbon transition plans.\n\nThe low carbon deadline will apply to the energy, transport and agriculture sectors.\n\nThe decision has already sparked a backlash from senior Nationals MPs and the agricultural sector.\n\nThe bank’s climate plan supports the net zero emission goal outlined by the Paris agreement.\n Wankers Hang on......how about you focus on banking, get that right first and then you can practice virtue signalling? I'll be urging my friends and family to close their ANZ accounts. Stick to banking, ANZ, rather than economic assassination.

ANZ reports $528m hit to earnings as customer payout costs riseANZ has announced a $528 million hit to cash profits ahead of its second-half results this week, booking a growing remediation bill, accelerated software costs and write-downs | CharlotteGriev1