The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is trading relatively in line with the broader market despite the bank's latest push to fund Australia's energy transition.
It's extended a $200 million funding program with the government's Clean Energy Finance Corporation (CEFC), offering businesses cheap loans to finance activities designed to reduce carbon emissions.
The ANZ share price is $22.90 at the time of writing. That's 0.22% lower than it was at Friday's close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.09%. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) has slumped by 0.11%.
Let's take a closer look at today's news from the smallest 'big four' bank.
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ANZ to help provide cheap funding for decarbonisation
The ANZ share price appears unfazed by the ASX bank's latest move to help drive Australia's decarbonisation transition.
As part of its program with CEFC, ANZ business customers will be able to receive a 0.5% discount on loans of up to $5 million to fund investment in activities designed to cut their emissions.
Such investments could vary from renewable energy to recycling technologies or electric vehicles.
The two entities will each contribute a 0.25% discount to make up the offer.
ANZ managing director of commercial and private banking Isaac Rankin commented on today's announcement, saying:
We are seeing many of our customers are changing the way their businesses operate, moving towards a more sustainable future. Whether it be an electric truck or solar panels, we want to give Australian businesses access to finance, services, and advice to invest in equipment which will help them shift to low carbon business models and operations that put them on a path to net zero emissions.
ANZ aims to be the leading Australian and New Zealand-based bank when it comes to supporting customers' transition to net zero.
CEFC CEO Ian Learmonth also commented:
Small to medium businesses are a critical part of Australia's economy. As the cost of energy and other inputs continues to rise, it is important to help them access the benefits that renewable energy, battery storage, and energy efficient equipment can deliver.
ANZ share price snapshot
The ANZ share price has been underperforming in 2022 so far.
It has fallen 18% since the start of the year while the ASX 200 has exhibited an 8% tumble.
Over the past 12 months, the bank's stock has plunged 20%. Meanwhile, the index has dumped 7%.
