Source: Federated Farmers
Federated Farmers are sounding the alarm about the risk of banks defunding petrol stations by 2030 as part of their commitment to the Net-Zero Banking Alliance.
“This is a significant concern that threatens the viability of rural and provincial petrol stations across the country,” says Federated Farmers banking spokesperson Richard McIntyre.
“Petrol stations are a vital lifeline for rural communities and isolated parts of New Zealand. They provide an important service, and that need for fuel is going to exist well beyond 2030.
“It’s not just farmers who depend on those petrol stations. It’s families trying to get their kids to school, local businesses, contractors, and tourists too.
“If banks are unwilling to provide lending to pay for things like upgrades, expansion or compliance, petrol stations will just disappear. What are we supposed to do then?”
Federated Farmers have been receiving panicked calls this week from a number of petrol station owners in small rural towns who are concerned about the impacts of banks’ policies.
Documentation provided to Federated Farmers clearly shows an internal BNZ policy that there is to be no new lending to petrol stations and all existing debt needs to be paid back by 2030.
“This is a totally impractical and ideological decision driven by banks’ involvement in the Net-Zero Banking Alliance,” McIntyre says.
“They’ve completely overstepped, and failed to consider the real-world implications of their decisions for everyday people just trying to live their lives.
“Small-town rural petrol stations are usually owned by local families, rather than big corporates, and I know this is causing many of them a lot of unnecessary stress.
“Many are telling us that, without access to bank capital, they’ll no longer be able to run their businesses that offer the community a valuable service.
“Instead, they’ll need to shut up shop, let their staff go, and leave yet another derelict building boarded up on the side of the road in rural New Zealand.”
BNZ are appearing before Parliament’s banking inquiry at 8am this morning.
“I hope they get asked some tough questions by MPs about their behaviour, because it’s totally indefensible and requires some real scrutiny,” McIntyre concludes.
