Suncorp
Last Rated in Feb 2025
Your bank is failing on climate responsibility.
Suncorp is a subsidiary of ANZ and has the same rating as ANZ because its deposits are controlled by ANZ.
ANZ states in its 2024 annual report that it has set a 2030 target to reduce the absolute financed emissions from our oil and gas portfolio by 26% from a 2020 baseline. This target covers operational and product use emissions of its customers involved in oil and gas exploration and production.
Sounds good, right? Yes, as recently as 2023 the bank continued to finance fossil fuel expansion. And, it holds bonds in fossil fuel producers - another way that banks finance fossil fuels by the back door. In 2024, for every $1 of renewable energy financing, it lent $3.60 to fossil fuel producers.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
Start to Bank Green Today
Banks live and die on their reputations. Mass movements of money to fossil-free competitors puts those reputations at grave risk. By moving your money to a sustainable financial institution, you will:
Send a message to your bank that it must defund fossil fuels
Join a fast-growing movement of consumers standing up for their future
Take a critical climate action with profound effects