Shayne Elliott wants ‘coherent’ plan to help unlock transition capital
ANZ CEO Shayne Elliott said banks have plenty of capital to fund the energy transition and are more likely to deploy it if the federal government lays down a “coherent” and “co-ordinated approach” on policies seeking to push the economy towards hitting the nation’s climate targets.
Appearing at a Carbon Market Institute event on Thursday, Mr Elliott said the financial sector was well funded and was scouring the market for lending opportunities. But all the various climate associations, taxonomies, regulations and targets were confusing, he said, and governments could do more to clarify priorities and help the finance sector shift lending to lower emitting companies and steer the economy towards net zero.
“I understand it is going to cost trillions of dollars, but there is actually no shortage of money. And there is certainly no shortage of targets. There are targets for everything, and a whole bunch of pathways and alliances and groupings and associations. There is really lots of good intent,” Mr Elliott said.
“What is missing is that coherent plan, that says how you bring it all together… and understand how it all moves forward. At the moment, as an operator in the field, it is really confusing. Globally, it is a very complex situation, and it needs better co-ordination right across the economy.”
ANZ CEO Shayne Elliott, participating on a panel with Aware Super CEO Deanne Stewart, Carbon Market Institute chair Kerry Schott and Boral CEO Vik Bansal on Thursday. Oscar Colman
The comments come as Treasury puts the finishing touches on the federal government’s first “sustainable finance strategy”, which could provide some of the clarity Mr Elliott is seeking, by joining the dots between various climate regulations that
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