ANZ is the first bank to report using the recommendations of the Financial Stability Board (FSB) on climate-related financial disclosures, it was announced in its annual review.

The recommendations were created by FSB’s Taskforce on Climate-related Financial Disclosures and will assist ANZ in aligning many of its existing regulatory and voluntary reporting requirements.

ANZ said the review describes how its business model, strategy, governance and risk management processes are delivering value for shareholders and other stakeholders.

ANZ CEO Shayne Elliott said: “I’m proud ANZ is the first bank to report using the recommendations of the FSB Taskforce.

“This sets an important standard for our business and signals the importance we place on all firms managing the transition to a low carbon economy.

“Two years ago, it was clear we needed to re-shape ANZ’s future in response to a fast-changing external environment and our annual review shows where we are making substantial progress towards this goal,” Elliott said.

Other highlights of the review include:

  • Established the CEO-led Responsible Business Committee and revised Charter of Environment, Sustainability and Governance Board Committee;
  • Reduced ANZ’s emissions from premises energy use by 20 per cent compared to 2013, which exceeded the target of a 1-3% reduction by June 30 this year; 
  • Funded and facilitated $6.9 billion in low carbon and sustainable solutions since 2015.