by Jessica McAleer
A long line of historical misconduct, persistent public skepticism, a prevalence of greenwashing. And yet, with the abundance of resources available to businesses, the Australian public deems corporate and banking sectors as ethically neutral with an Ethical Index score of 11. CBAs recent blacklisting of fossil fuel companies that aren’t aligned with the Paris Agreement feels like a step in the right direction yet it comes after being sued twice by the same two shareholders for environmental concerns. And this is where the issue in public trust lies, this perceived disconnect between financial gain and corporate social responsibility, noted by a recent COBA study indicating 75% of Australians felt most banks prioritise profit over customer wellbeing.
With only 17% of SDGs on track for 2030, this lack of drive towards ethical practice manifests itself in the Big Four. In this group, ANZ stands out. Despite publicly aligning itself with Climate Action (SDG 13), the firm is identified as the largest financier of fossil fuels amongst the Big Four. In fact, since the 2015 Paris Agreement was signed, ANZ has loaned over $19.8 billion to coal, oil and gas companies, highlighting its profit over principle ideology. To direct attention away from this, public image claims precedence, privy to the bank’s public $100 billion sustainable finance target by 2030. With the 2025 election coming up and it being revealed that ANZ ‘donated’ $50,000 to the ALP in 2022 to maintain favourable relationships, Australia’s trust is a slippery slope, however, public favorability on the ethicality of these companies has increased since 2018.
And so, with all these resources, the corporate sectors still remain in the public’s eye, ethically neutral. With larger crank down’s on potential profit, companies are moving towards greater ethical practices.
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But are they for the right reasons?
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