climateXchange

Are some banks more environmentally aware and genuinely 'green' than others?

Tell us about your experiences and knowledge. 

I bank with the ANZ. Later I will post my experience of them. 

Post edited 1:14 pm – December 11, 2010 by John Symond

There is currently some friction between Greenpeace Australia and the ANZ Bank over the question of financing the Coal Industry. 

Greenpeace has dubbed the ANZ "The dirtiest bank in Australia" 

Greenpeace's view can be found here

ANZ has responded here

The ANZ bank has interesting information here

I will be studying both viewpoints and may post again this month.

ANZ    is proud that:

"Our headquarters, ANZ Centre in Melbourne’s Docklands, has a ‘6 Star Green Star’ rating from the Green Building Council of Australia."

I suggest checking MECU. (mecu.com.au). They have been good to deal with over many years as a member. We got a discount on our mortgage-available for buying a house with 6 star rating or better or to make renovations to take it to that level. They wanted the rating done by someone accredited to do the more rigorous Accurate rating scheme.

Paraphrasing from the web site: They were awarded the 2010 Australian Small Business Sustainability Award.  They also won this year's Victorian Good Corporate Citizen of the Year award and in 2009 won the Victorian Premier's Sustainability Award, the Australasian Reporting Award for commitment to Sustainability Reporting and was Smart Investor Magazine's Credit Union of the Year.

Ethical investor noted mecu's support for disadvantaged groups; environmental programs, which relate back to the core business; and governance, which combines a balance between stakeholder interest and financial strength.

Post edited 10:51 am – December 21, 2010 by marea
Post edited 10:53 am – December 21, 2010 by marea

Hi John and Peter,

Interesting posts on this subject. In response to queries to the 4 major banks back in October on this, here is the response received from the Commonwealth Bank's Customer Relations:

"Commonwealth Bank remains committed to sustainability and has been investing in the renewable energy sector since 2004. We understand that participating in this industry is a long term commitment that requires a significant investment in resources, knowledge and skills.

"In 2010 alone, we invested approximately $100 million in renewable energy projects.

"The Bank is currently a senior investor in a significant portfolio of renewable and clean energy projects generating more than 12,000 Megawatts (MW) across Australia and New Zealand including wind farms, biomass, landfill gas and waste mine gas power generation.

"In Australia, our total investment in clean and renewable energy represents approximately 55 percent of the total exposure to power generation companies (measured by installed MW capacity).  Furthermore, we have the lowest debt exposure to investments in single asset Australian coal fired generation of all the major Australian banks.

"In 2009 we set a real target of reducing our carbon emissions by 20 percent from 2008-09 levels and are on track to reach our goal by mid 2013.

"Commonwealth Bank is concerned by the apparent inaccuracy of the figures outlined in the Profundo report commissioned by Greenpeace.

"While we invested $100 million in renewable energy this year alone, the Profundo report estimates a total five-year investment of just $77 million.

"Figures in the report include several refinancing transactions. This means that some financing transactions are effectively double and triple counted.

"We are concerned about the accuracy of the report’s classifications of Bank financing to the New South Wales and Queensland Governments as ‘coal’ related. The Bank does not currently have any direct investments in the construction of any new coal fired power stations. In addition, we are concerned that the report includes deals from 2003, despite the report stating it only covers the previous 5 years." End of quote.

So that is the Commonwealth Bank's take on the issue.

It looks like this is going to be an interesting area for debate.

I had also heard of mecu and will look into what they do.

marea said:

Hi John and Peter,

Interesting posts on this subject. In response to queries to the 4 major banks back in October on this, here is the response received from the Commonwealth Bank's Customer Relations:

Greenpeace has prepared a very detailed response to the concerns raised by the Commonwealth Bank. See it on the Greenpeace website here.