ANZ will not fund new oil and gas exploration, extraction, or transmission projects – under a newly announced policy – to cut its financed and facilitated emissions from the sector.
But it may make exceptions for projects that help address national energy security issues, the bank told investors on 9 November.
ANZ reduced its oil and gas-related lending exposure by 6.8% to A$4.06 billion over the 2025-26 financial year to 30 June, data from the bank’s 2026 annual report show. Oil and gas customers accounted for 0.3% of ANZ’s total lending exposure in 2025-26, the bank said.
ANZ’s funding policy change could slow down the development of oil and gas projects. But companies can raise funds from other sources.
“APA continues to maintain a strong balance sheet to fund growth, with a range of funding options both domestically and in global markets,” a company spokesperson told Lithos. It raised €550 million (A$891 million) of debt from global investors on 6 November.
APA plans to build the North to East Australia Pipeline (NEAP) to move gas from the Northern Territory to Queensland. But the project is at a very early stage. It remains subject to environmental, planning, and access approvals, according to the company.
“APA estimates that a final investment decision (FID) on the NEAP could be made from 2028, with project costs dependent on the final design and size of the pipeline,” a company spokesperson said.
“In the event APA [were] to proceed with [a] FID on the NEAP, funding would be considered and announced at the same time as any FID is taken,” they added.
The Queensland Government fast-tracked the NEAP in September, through its Coordinated Project scheme. The state’s Coordinator-General will work with regulators across agencies to limit NEAP-related delays.
“The [coordinated project] declaration ensures a rigorous assessment of [the NEAP’s] impacts while streamlining approvals,” Queensland Assistant Coordinator-General Kerry Smeltzer said on 2 September.
By Avinash Govind