ANZ Sustainable Finance Insights, Q2 2024

Market update  |  Global update  |  Australia  |  New Zealand  |  Asia  |  Europe/The UK  |  USA  |  Environmental markets  |  ANZ news and updates

Market update

All market data is sourced from BloombergNEF as at 30 June 2024 and includes original and tapped issuance, unless otherwise noted. Below provides an excerpt from the detailed market analysis conducted by ANZ Research. See the full Q2 2024 market update prepared by ANZ Research.

Graph 1: Sustainable debt issuance close to last year’s run rate

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Source: BloombergNEF, ANZ Research
 

Graph 2: Green and sustainability bonds not far behind record pace

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Source: BloombergNEF, ANZ Research
 

Graph 3: SSAs continue to dominate sustainable debt issuance

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Source: BloombergNEF, ANZ Research

Global update

• The International Capital Market Association (ICMA) has published new guidance on green enabling projects and Sustainability-Linked Loan Bonds (SLLBs). The green enabling projects guidance identifies initiatives supporting the transition to a low-carbon economy, acknowledging challenges in defining such projects due to their varied end-uses. The SLLB guidelines, developed with the Loan Market Association (LMA), outline bond instrument terms for financing or refinancing sustainability-linked loans in line with the LMA's Sustainability-Linked Loan Principles (SLLP).
  
  Additionally, ICMA updated the Sustainability-Linked Bond Principles to clarify Key Performance Indicator (KPI) selection and introduced a new SLB disclosure data checklist. They also expanded the SLB KPIs Registry to include environmental themes and new KPIs for sovereign issuers, and added an annex to the Impact Reporting Handbook addressing potential environmental and social risks associated with green bond projects.
  
  
• The Science Based Targets Initiative (SBTi) reaffirmed its commitment to using Environmental Attribute Certificates (EACs) under strict criteria to ensure genuine emission reductions. Addressing concerns about potential misinterpretations, SBTi pledged to refine guidelines through stakeholder consultations, especially for Scope 3 emissions. The SBTi board emphasised that EACs from voluntary carbon markets must support real, additional, and verifiable reductions.
  
  
• The SBTi has updated its near-term target setting criteria for financial institutions, effective from 30 November 2024. Key changes include:
  
  • Stricter requirements for Scope 1 and 2 emissions targets;
  • Mandatory disclosure and phase out of fossil fuel-related activities; and
  • Enhanced clarity and usability guidelines.
• A global alliance of green building organisations, including Green Building Council of Australia (GBCA), UK based Building Research Establishment Limited (BRE), Singapore Green Building Council (SGBC), the U.S. Green Building Council (USGBC) and Alliance HQE – GBC France, has launched an industry-first guide for sustainable finance: "Financing Transformation: A Guide to Green Building for Green Bonds and Green Loans." This guide integrates major building certification systems like BREEAM, Green Mark, Green Star, HQE, LEED, and NABERS, providing a practical framework to facilitate sustainable investment in the built environment.
  
  
• Nature Action 100, a global investor led engagement initiative that aims to support greater corporate ambition and action on reversing nature and biodiversity loss, has introduced a set of benchmark indicators to assess the nature-related ambition and action of the 100 companies engaged by the initiative. The benchmark is based on the initiative’s Investor Expectation of Companies and includes six indicators: Ambition, Assessment, Targets, Implementation, Governance, and Engagement.
  
  
• The Climate Bonds Initiative (CBI) has published the ‘Transition in Action Agri-food’ report, which explores the sustainable finance landscape within the agriculture and forestry sectors. The report outlines strategies to enhance transition finance and support systemic change. It presents example metrics beyond Scope 3 greenhouse gas (GHG) emissions for green and sustainable debt reporting or for sustainability-linked KPIs, such as the percentage of total commodity volume under certification schemes.
  
  
• CBI also released sector criteria for Agri-Food Deforestation and Conversion Free Sourcing. These criteria apply to various entities within the agri-food value chain, including traders, processors, manufacturers and retailers. They cover commodities known for deforestation and conversion risks (e.g. cattle, coffee, cocoa, palm oil, pulp and paper and, soy) and extend to other agri-food products at all levels of processing, including livestock feed.
  
  
• The International Organization for Standardization (ISO) is developing a new international standard on net zero to provide clarity and credibility for organisations’ net zero targets and strategies, and to prevent greenwashing. This standard, building on the ISO Net Zero Guidelines launched at COP27, is set to debut at COP30 in November 2025.
  
  
• The SBTi Monitoring Report 2023 highlights significant growth in science-based targets:
  
  • The total number of companies with these targets increased by 102%;
  • Companies with validated targets or commitments now cover 39% of global market capitalisation;
  • Financial institutions with targets rose by 83%; and
  • Manufacturing and services make up 58% of target-setting companies. Biotech, healthcare, and pharma sectors grew by 222%, moving from the lowest in 2022 to the highest.

Australia

Notable transactions

• FleetPartners Group (“FleetPartners”) successfully issued a A$400m Asset Backed Securitisation (ABS) including A$75m allocated to a Green tranche. Unique to this transaction is the inclusion of the first ever green tranche for an automotive ABS transaction in the Australian and New Zealand debt markets. The green ABS tranche exclusively funds leases for electric vehicles and is issued in line with the ICMA Green Bond Principles. It has also been certified as a “Climate Bond” by the Climate Bonds Initiative, which is accepted globally as the gold standard in Green bond certifications. ANZ acted as Joint Green Bond Co-ordinator, Co-Arranger, Joint Lead Manager, and Joint Bookrunner on the deal.
  
  
• ETSA Utilities Finance Pty Limited (“SAPN”) successfully issued a record-breaking A$495m 3yr and 8.5yr Green transaction, marking the first sustainable finance labelled Australian Corporate A$MTN this year and the first Australian electricity distribution network to have the Climate Bonds Initiative Electrical Grids and Storage certification. Strong investor demand drove a final order book in excess of A$1.8b and a strong pricing outcome, partially attributed to the scarcity value of the green component and the unique credit proposition. ANZ acted as Sole Sustainability Coordinator and Joint Lead Manager on the deal.
  
  
• Inghams Group (“Inghams’) completed a transaction to convert its entire A$545m of debt facilities into a Sustainability-Linked Loan (SLL), in what is believed to be the first transaction of its kind for an Australian poultry company. The SLL incorporates three key sustainability performance targets, which incentivise greenhouse gas emissions intensity, water intensity and landfill intensity reductions. ANZ acted as Sole Sustainability Coordinator on the deal.

Sustainability developments and updates from the regulatory and legal environment

• The Australian Sustainable Finance Institute (ASFI) launched the first public consultation for developing an Australian Sustainable Finance Taxonomy, a key element of the Australian Government’s Sustainable Finance Strategy.
  • The consultation sought feedback on:
    
    • Draft headline ambitions for the Australian taxonomy’s environmental objectives;
    • Draft climate change mitigation criteria for the first three priority sectors under development:
      
      • electricity generation and supply;
      • minerals, mining and metals; and
      • construction and the built environment.
  • The first round of consultation concluded on 30 June 2024. The second round, scheduled for Q4 2024, will address:
    • Climate mitigation criteria for three additional sectors:
      
      • manufacturing and industry;
      • transport; and
      • agriculture and land use;
    • A ‘Do No Significant Harm’ framework;
    • Minimum social safeguards; and
    • Proposed use cases and rules for demonstrating alignment with the taxonomy.

• The Australian Government has released its Sustainable Finance Roadmap, which outlines its vision for key sustainable finance reforms to mobilise private capital for achieving net zero. The approach, termed ‘climate first, not only’ emphasises both climate goals and nature-related financial risks and opportunities. The roadmap identifies 10 priorities across three pillars:
  
  • Improving transparency on climate and sustainability;
  • Enhancing financial system capabilities; and
  • Strengthening Australian Government leadership and engagement.
• The Australian Office of Financial Management issued A$7b in its inaugural green bond following a four-week roadshow in Australia, the UK, Europe and Asia. The bond attracted strong demand from 105 institutional investors, with a final order book of A$22.89b. Around 35% of the bond was allocated to offshore investors. Proceeds from the green bond will fund projects like green hydrogen hubs, community batteries, clean transport, and biodiversity conservation.
  
  
• As part of the 2024-2025 Federal Budget, the Australian Government plans to invest A$22.7b over the next decade to boost the clean energy sector and support the transition to net zero. This includes A$3.2b for commercialising essential net zero technology, a new A$1.7b Future Made in Australia Innovation Fund for advancing technology and infrastructure within key sectors such as green metals, batteries, and low carbon liquid fuels. The package also aims to establish sustainability fund labels and address greenwashing concerns.
  
  
• The Clean Energy Finance Corporation’s new report Measuring what matters: An approach for natural capital investors offers guidance for institutional investors on enhancing decarbonisation assessments. It provides methods for consistently measuring emissions reduction across agriculture and forestry assets, helping investors screen investment strategies and hold asset managers accountable for emissions reduction.
  
  
• The Australian Energy Market Operator released a 25-year roadmap to transition the National Electricity Market to net zero by 2050. The roadmap confirms that the lowest-cost way to supply electricity during this transition is through renewable energy connected with transmission and distribution, supported by storage and gas-powered generation.
  
  
• The Investor Group on Climate Change (IGCC) released an updated Net Zero Investment Framework (“NZIF 2.0”). This guide includes the latest guidance on net zero target setting and new insights for investors to achieve their net zero goals. NZIF 2.0 is one of the endorsed methodologies for investors setting targets via two leading global investor-led net zero initiatives supported by IGCC: Paris-aligned Asset Owners and Net Zero Asset Managers.

New Zealand

Notable transactions

• WM New Zealand, Aotearoa’s largest waste management provider, has successfully converted its entire debt financing into a Sustainability-Linked Loan (SLL). This transaction represents the second largest SLL transaction in Aotearoa New Zealand as at end March 2024 at NZ$1.1b. ANZ supported as Lead Joint Sustainability Coordinator. WM New Zealand’s SLL is tied to ambitious social and environmental commitments measured by three KPIs:
  
  • Emissions reductions towards being carbon neutral by 2050, aligned to science-based targets to limit global warming to 1.5°C in the near term, and aligned to the Climate Leaders Coalition’s 2022 Statement of Ambition supporting the same long-term target.
  • Recovered materials from WMNZ facilities to support the circular economy.
  • Employee training dedicated to climate change and the circular economy (targeting 25% of the workforce each year).

The transaction supports WM New Zealand’s updated strategy WM Porohita, ‘to be circular’, which aims to power a carbon-neutral circular economy for the future generations of Aotearoa New Zealand.

• Green Loan to Northpower Limited – ANZ recently facilitated a Green Loan with Northpower to fund one of Aotearoa New Zealand Northland region’s first grid-scale solar farms, Te Puna Mauri ō Omaru, in Ruawai. This development is the first for Northpower, in a pipeline of renewable projects that aim at giving Northpower’s customers an ownership stake in renewable generation, improve energy supply and resilience, and support economic investment in Northland, whilst contributing to the decarbonisation objectives of Aotearoa.  The 17MW farm is being built by Northpower’s Future Energy division, a new branch of its contracting business specialising in the design and construction of renewable projects. Future Energy is partnering with local businesses for equipment, machinery, and construction, employing community members including hapū from Te Uri o Hau.
  
  
• The New Zealand Local and Government Funding Agency LGFA’s Sustainable Financing Bond (SFB) recently won ‘Bond of the year – Supranational’ at Environmental Finance’s Sustainable Debt Awards 2024. The bond’s pool of green, social and sustainability (GSS) use of proceeds loans and target-linked Climate Action Loans incentivises Aotearoa New Zealand councils to set and achieve 1.5°C science-based greenhouse gas emissions reduction targets and develop credible plans. ANZ acted as Joint Lead Manager on this transaction. The NZ$1.1b SFB was the largest bond issued by LGFA and received its largest-ever order book of more than NZ$1.6b.

Sustainability developments and updates from the regulatory and legal environment

• In July 2024, the Centre for Sustainable Finance (CSF) published key design recommendations for developing a sustainable finance taxonomy for Aotearoa New Zealand. The recommendations, phase two of a three-stage process, cover 10 topics: Principles, Purpose, Objectives, Sector Prioritisation, Definition, Usability, Application, Eligibility, Transition and Governance. Prepared by an independent technical advisory group for the Minister for Climate Change, the recommendations include insights from climate, iwi/Māori, academia, data and sustainable finance experts (including an ANZ representative), with technical guidance provided by the Climate Bonds Initiative.
  
  
• In April 2024, The Aotearoa Circle and Chapman Tripp released a landmark report: Protecting New Zealand’s Competitive Advantage. The report provides a snapshot of key international Environmental, Social and Governance (ESG) reporting requirements and trade obligations, and their impact on Aotearoa New Zealand companies. It highlights that more than 80% of NZ exports by value go to countries with mandatory climate-related disclosure requirements and 40% to countries with carbon border adjustment mechanisms in place or under consideration.
  
  
• New Zealand Central Bank Climate Stress Testing – The Reserve Bank of New Zealand (RBNZ) integrated climate-related risks into its 2023 Stress Test, featuring a ‘Too Little Too Late’ scenario. Results published in April 2024 showed that while bank solvency was not threatened, climate-related risks could significantly reduce profitability, increase risk-weighted assets, and lower shareholder returns over the medium to long term. The findings underscored the need for active management of climate-related risks to protect financial system resilience. The process also enhanced banks' capabilities in managing these risks, with relevant recommendations issued by the RBNZ.
  
  
• In April 2024, the Financial Markets Authority (FMA) of Aotearoa New Zealand consulted on potential class exemption for certain green, social, sustainability and sustainability-linked (GSSS) bonds. This exemption would allow listed companies to issue certain GSSS bonds more quickly and with fewer regulatory costs than a full retail investment offer. The proposed approach aims to reduce the regulatory burden on issuers and increase opportunities for New Zealanders to invest in products that align with their values and/or deliver non-financial benefits. The outcomes are still under consideration.
  
  
• ANZ Bank New Zealand (ANZ NZ) Invests in AgriZeroNZ to Boost Farm Emission Reduction Research
  In April 2024, ANZ NZ announced a NZ$4m investment in AgriZeroNZ, a joint venture between the New Zealand Government and industry stakeholders. AgriZeroNZ focuses on tools and technologies to help pasture-based farmers reduce biogenic methane and nitrous oxide emissions. Since its 2023 inception, AgriZeroNZ has committed more than NZ$22m to six investments and is evaluating more than 60 opportunities globally. This investment aligns with ANZ NZ's goal to support farmers in reducing greenhouse gas emissions and enhancing climate resilience. AgriZeroNZ aims to position New Zealand as a leader in sustainable agriculture.
  

Asia

Notable transactions

• HK$14.4b Gaw Capital-led Sustainability-Linked Loan –In April 2024, ANZ completed  Gaw’s inaugural sustainability-linked facility and to date, it remains the largest syndicated non-recourse real estate sustainability-linked financing in Hong Kong. Proceeds from the facilities were used to refinance shopping properties located in densely populated areas across Hong Kong, with a gross floor area of more than 2 million sq.ft. The facility is aligned with the latest Sustainability-Linked Loan Principles with KPIs that are material and relevant to the sector, including reducing electricity consumption, increasing recyclable waste, promoting green leases and increasing WELL health and safety-certified buildings.
  
  
• US$250m Tata Communications Maiden Sustainability Linked Loan – Tata Communications successfully secured its inaugural 5-year US$250m SLL from ANZ, DBS Bank and Export Development Canada (EDC). This is the first SLL for Tata Communications under the company’s new SLL framework. Tata Communications aims to be net zero across its global operations by 2035 and the SLL is linked to its carbon emission reduction targets. ANZ acted as Lead Sustainability Coordinator, while DBS Bank and EDC were Joint Sustainability Coordinators.
  
  
• S$800m Housing Development Board Green Bond – The Housing & Development Board (HDB) has issued S$800m, 3-year Fixed Rate Green Notes (the “Notes”) under its S$32b Multicurrency Medium Term Note (MTN) Programme on 30 Apr 2024. The Notes have a coupon of 3.409% per annum payable semi-annually in arrears and are rated AAA by Fitch Ratings. The net proceeds of the Notes will be used to finance or refinance Eligible Green Projects under the Project Category of Green Buildings, as set out in HDB’s Green Finance Framework. ANZ, Deutsche Bank AG, Singapore Branch, Industrial and Commercial Bank of China Limited, Singapore Branch and Oversea-Chinese Banking Corporation Limited are Joint Lead Managers and Bookrunners. 

Sustainability developments and updates from the regulatory and legal environment

Hong Kong

• In May 2024, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance ("HK Taxonomy") to guide green and sustainable finance decisions and facilitate finance flows. The taxonomy currently includes 12 economic activities across four sectors: power generation, transportation, construction, and water waste management. HKMA plans to expand its coverage to more sectors and transition activities. Along with extending the Green and Sustainable Finance Grant Scheme to 2027, the HK Taxonomy aims to boost green finance issuance and strengthen Hong Kong’s role in green financial flows between Mainland China and the world.

Mainland China

• China's Ministry of Finance has released a high-level draft standard for sustainability reporting as part of the nation's "System of Nationally Unified Sustainability Disclosure Standards." This draft, aligning closely with the ISSB's IFRS S1 standard but including a double materiality approach, will gradually apply to both publicly traded and private companies. The Ministry aims to establish a standard for climate-related disclosures by 2027 and complete the full system of standards and guidance by 2030.

Japan

• In April 2024, Japan released draft ISSB-aligned sustainability reporting standards, proposing mandatory annual sustainability reports for primary listed companies, phased in by market capitalisation size starting in FY 2027. Additionally, Japan's parliament passed the Hydrogen Society Promotion Act and the Carbon Capture and Storage (CCS) Business Act, establishing frameworks for hydrogen and CCS businesses. Detailed guidance is expected follow from relevant authorities.

South Korea

• In April 2024, the Korea Sustainability Standards Board (KSSB) initiated a consultation on its proposed sustainability disclosure standards. These standards are:
  
  • KSSB 1: General sustainability disclosures.
  • KSSB 2: Climate-related disclosures.

Both are mandatory and based on the ISSB Standards. Additionally, the KSSB introduced a third, voluntary standard (KSSB 101), tailored to align with domestic policy objectives. The effective dates for these standards will be set by the KSSB after the consultation period ends.

Taiwan

• In June 2024, Taiwan's Financial Supervisory Commission released guidelines to help financial institutions avoid greenwashing. These guidelines outline five principles for making accurate "sustainable" or "green" claims.

Malaysia

• In April 2024, Capital Markets Malaysia (CMM) initiated a public consultation on a proposed sector-specific guide for enhanced environmental and social disclosures. This guide targets the energy, transport and storage, construction and real estate, agriculture, and manufacturing sectors. It is intended to complement CMM's Simplified ESG Disclosure Guide, released in October 2023, which provides SMEs in global supply chains with standardised ESG disclosure guidelines, aligned with international frameworks like the ISSB standards and the Malaysian Code on Corporate Governance.

Europe/The UK

Notable transactions

• ANZ acted as Joint Green Loan Co-ordinator in structuring a Green Loan for French battery manufacturer Verkor. Proceeds will be used to fund the construction of a new gigafactory in Dunkirk to manufacture low-carbon batteries, primarily for use in Europe's automotive industry. The new facility will have an annual production capacity of 16 GWh and is due to come online in 2025. Verkor said the batteries produced at the site will support European industrial sovereignty by reducing dependency on external suppliers of electric mobility and energy storage. ANZ supported Verkor in developing a Green Financing Framework which received a Second Party Opinion rating of Dark Green from S&P Global Ratings.

Sustainability developments and updates from the regulatory and legal environment

• The UK's Financial Conduct Authority (FCA) implemented an anti-greenwashing rule on May 31, 2024. This rule mandates that all FCA-authorised firms ensure any claims about the sustainability characteristics of their products or services are substantiated, fair, clear, and not misleading. The FCA will actively monitor compliance to prevent greenwashing.
  
  
• After the UK’s anti-greenwashing rule took effect, European financial market authorities released reports calling for stricter supervision and better market practices for sustainability claims:
  
  • ESMA: Final Report on Greenwashing
  • EBA: Greenwashing Monitoring and Supervision Final Report
  • EIOPA: Advice on greenwashing risks and supervision and Opinion on sustainability claims and greenwashing.

These reports respond to the European Commission’s request for input on greenwashing risks and sustainable finance policies.

• The European Union (EU) has enacted the Corporate Sustainability Due Diligence Directive (CSDDD), harmonising requirements for companies to assess and mitigate human rights and environmental impacts across their operations and supply chains.
  The directive will be phased in from 2027 depending on the size of the business and initially applies to:
  
  • Large EU limited liability companies & partnerships with more than 1,000 employees and €450m net turnover worldwide; and
  • Large non-EU companies with more than €450m net turnover in the EU.
• ISSB announced that it will “assume responsibility” for the UK Transition Plan Taskforce (TPT)’s disclosure-specific materials to integrate detailed guidance on transition plans into its global sustainability reporting framework. This aims to enhance consistency and quality in reporting how companies plan to transition to a low-carbon economy, supporting investors in assessing these plans and aligning with ISSB’s broader goal of harmonising global sustainability standards.

USA

Notable transactions

• Copia Power: ANZ acted as Joint Lead Arranger on a Green Loan for Copia Power’s Harquahala 1 & 2 Solar + Battery Storage project, which delivers the first renewable power generation to the Delaney Substation, and a milestone for Arizona renewables. The project will produce 450MW of solar power and features a substantial 300MW/1200Mwh battery energy storage system, with the capacity to supply electricity to upwards of 500,000 homes. The development will create 700 jobs in the community throughout its development stages.
  
  
• Dan’s Mountain: ANZ acted as Sole Green Loan Coordinator and Joint Lead Arranger on a Green Loan to support the construction of Clearway’s Dan’s Mountain Wind Farm to in Allegany County, Maryland. Dan’s Mountain involves the development of nine General Electric 6.1MW Wind Turbines situated on 2,800 acres of reclaimed, coal strip land. The project will service 24,400 homes each year, and will provide low-cost, reliable energy as well as long-lasting economic benefits to the community.
  
  
• Rosamond South: ANZ acted as Sole Green Loan Coordinator and Joint Lead Arranger on a Green Loan which is financing Clearway’s Rosamond South project - a 140MW solar and 117MW battery storage project located on 1,292 acres of privately-owned land in Kern County, California. The project contributes to Kern County’s reputation as a rapidly growing renewable energy centre for California, along with the associated economic and environmental benefits that solar and energy storage investment delivers to the community.

Sustainability developments and updates from the regulatory and legal environment

• On 28 May 2024, the U.S. Federal Government released the "Voluntary Carbon Markets Joint Policy Statement and Principles", outlining seven principles to promote best practices in voluntary carbon markets. These principles aim to enhance market integrity, ensure verifiable carbon credits, and support science-based climate outcomes. Whilst the framework is not mandatory, it encourages private sector participation and aims to refine industry standards.

Environmental markets

Australia

• The Clean Energy Regulator (CER) has released its Quarterly Carbon Market Report for Q1 2024, noting 3.8 million ACCUs issued and 1.4 million cancelled or surrendered for the quarter. Demand for compliance purposes is increasing, with 0.90 million ACCUs cancelled by entities captured under the Safeguard Mechanism (SGM). More than half of total ACCU holdings are estimated to be retained by SGM facilities for future compliance. On the supply side, the CER expects at least 20 million ACCUs to be issued in 2024, up from 17.2 million in 2023. The ACCU spot price remained stable at around $34 in Q1, with some ACCUs with co-benefits maintaining premium prices.
  
  
• The Carbon Market Institute (CMI) released its inaugural carbon markets report, Carbon Markets and Australia’s Net Zero Challenge. The report evaluates Australia’s carbon market, its role in achieving net zero targets, and addresses recent reforms related to integrity and emissions reduction mandates. It includes comments from the ASX on Environmental Futures contracts, a market update from S&P Global and best practices for carbon credits disclosures from Gilbert and Tobin. A key theme is Australia’s potential to become a leading global producer of carbon credits and the importance of regular market assessments.
  
  
• CMI’s 2024 Carbon Farming Scorecard, now in its third year, evaluates the efficacy of carbon farming policy frameworks implemented by Australia’s states, territories and the Federal Government. The Scorecard shows incremental improvements across all jurisdictions, with Queensland retaining its leadership position due to strong capital investment indicators and recognition of co-benefits through its Land Restoration Fund. There are ongoing opportunities to enhance carbon market strategies by building investor and community confidence and articulating carbon farming’s role in achieving ambitious decarbonisation and nature-positive outcomes.
  
  
• As part of the 2024-25 Federal Budget, the Australian Government has allocated A$48m to reform the ACCU Scheme, focusing on improving Scheme integrity, job opportunities and First Nations participation. The Department of Climate Change, Energy, the Environment and Water (DCCEEW) has initiated an interim proponent-led method development process, assessing proposed methodologies against the legislated Offset Integrity Standards. Additionally, DCCEEW is developing a new Environmental Plantings method to replace the 2014 version, with consultations open until mid-July, and plans to introduce a draft Integrated Farm and Land Management method later this year, to replace the Human Induced Regeneration method which sunset in September 2023. 

ANZ news and updates

As a global bank committed to supporting sustainable finance market growth, ANZ is working with customers to help them transition to net zero emissions by 2050. ANZ’s sustainability highlights for the quarter include:

ANZ Research and publications

• The Forgotten Fuel Series: Putting Energy Efficiency to Work for Business
  
  
• Quick reaction: Australia's emissions decline 0.6% in year to March 2024
  
  
• Global Marco Insight: Climate Policy, auto insurance and US CPI stickiness
  
  
• Commodity Call: Metals coming into power
  
  
• Commodity Call: Aluminium supply canned
  
  
• Commodity Call: Heating up
  
  
• Carbon Market: NZU auction Q2 2024

ANZ Sustainability news

• In the Coalition Greenwich 2024 Large Corporate & Institutional Relationship Banking Survey, Australia, ANZ has been recognised as #1 Market Leader in ESG/ Sustainable Finance (2021-2024), and #1 for Advice and Insights for ESG and Sustainable Finance (2022-2024, =1^st in 2022 and 2024).
  
  
• ANZ published its 2024 ESG investor forum briefing pack and its 2024 Energy Customer Approach.