ANZ hardens policy against bankrolling oil and gas projects

ANZ has hardened its stance against funding new oil and gas projects, joining other major banks in aligning lending with the Paris commitment to limiting global temperature increases to “well below” 2 degrees Celsius.

The change to the top big business bank’s lending policies, revealed in a note buried in its half-year results published Tuesday, practically rules out direct financing of Santos’ troubled $15 billion Papua LNG project, a joint venture with TotalEnergies, the operator, ExxonMobil and JX Nippon.