Banks should leave climate policy to governments

We live in a very odd world, indeed. The once capitalist and rational ANZ has succumbed to woke nonsense and virtue signalling, once the preserve of the left (“Bank sets climate test for loans”, 29/10). Meanwhile, the traditionally left unions are mounting the case for Labor MPs to support gas and coal with a fact-based, rational plea that would warm any capitalist’s heart (“Unions demanding Labor backs coal, gas”, 29/10).

Well done for putting the two stories together so the stark contrast can be made between the common sense of those literally “at the coalface” with decisions made by people in air-conditioned offices with no idea how their building is powered or where the jobs and national wealth comes from.

The ANZ should stick to banking and leave climate and energy policy to people driven by facts, not fallacies, ideologies and the opinions of all the nice but ignorant people in their social networks.

Doug Hurst, Chapman, ACT

It is absolutely absurd that our financial institutions are placing climate change conditions on lending agreements. Are these institutions able to offer credits to farmers for the levels of oxygen contribution from crops and enhanced pastures and also credit the levels of carbon dioxide retrieval from plant growth? I imagine not.

Climate is a global phenomenon so while we pursue ridiculous goals of CO2 elimination our neighbouring countries are building large numbers of coal-fired power stations to provide cheap and reliable energy for manufacturing and domestic use. Crazy.

Simon Gamble, Noosa Heads, Qld

The ANZ’s policy is absurd and indicates ignorance of reality. I suggest that anyone contemplating or implementing emissions-related lending practices read the IPA’s book Climate Change: The Facts 2020 and listen to The Power Hungry Podcast: Judith Curry and then attempt to justify their policy. If the banks haven’t considered such material, they are in no position to take a stance on emissions-reduction policies.

Michael Cunningham, West End, Qld

ANZ’s decision to deny lending to our farmers and the food and beverage, building, energy and transport sectors unless they comply with the bank’s stance of net zero emissions by 2050 demonstrates the power banks can wield over people’s livelihoods and the nation’s economic destiny.

Climate change policy decisions should be the domain of the federal government on behalf of the Australian people. But this decision-making is being thwarted by lending institutions, insurance companies and other major corporations that are aiding and abetting the campaign by climate activists to destroy the coal industry, the cheap, reliable power it delivers, the jobs it provides, the communities it supports, the industries reliant on it and the much-needed export earnings it adds to the economy.

Instead of telling British Prime Minister Boris Johnson that Australia will decide its climate change policies, not other countries (“BoJo and ScoMo sing from different songbooks”, 29/10), Scott Morrison should direct his comments to the ANZ and any other bank or corporation seeking to undermine Australia’s economic security.

Dale Ellis, Innisfail, Qld

The ANZ will restrict banking loans and facilities for companies that do not toe its net zero emission line and other renewable energy goals. Will it restrict international banking with companies in countries such as China and India that are not taking climate action? Will it indemnify and protect its customers where the ANZ’s policy directives lead to business failures and losses? Will it explain why it has taken over the democratic role of governments in relation to climate change? The hope of poor people in developing countries to lift out of poverty and improve their health and livelihoods are the ANZ’s major casualties. Woke beats practical human care. Heartless banks.

L. Smith, Kenmore, Qld

The ANZ’s plan to implement a “climate test for loans” is making doing business in Australia more difficult without any benefits to the environment. Putting unnecessary and onerous constraints on business decreases our competitiveness and encourages imports. Importing has a higher carbon footprint than if produced locally. For example, NSW is resistant to developing its local gas resources yet is happy to import it.

Don McMillan, Paddington, Qld