Source: ACT Party
ACT Rural Communities spokesperson Mark Cameron is renewing calls for Kiwi banks to leave the Net Zero Banking Alliance in the wake of the withdrawal of Australia’s Macquarie Group.
“First it was the big American banks, then Canada’s banks, and now Macquarie Group is the first of the big Australian banks to pull out of the alliance, with pressure mounting on other Aussie banks to do the same.
“The Net Zero Banking Alliance was set up to change lending practices for the sake of climate goals. But there’s been a political sea change and the appetite for woke banking has disappeared. If the banks think punishing farmers and miners is necessary to satisfy a political agenda, they’re mistaken, and it’s time that message got through.
“If there was previously a commercial advantage for banks to join the alliance, that advantage is fading fast as one bank after another gets out. The longer New Zealand’s banks and their parent companies remain in the UN’s cabal of banking wokery, the more out of touch they look.
“As part of the inquiry into banking practices I’m leading alongside Cameron Brewer, we’ve called the four biggest banks back to answer more questions. The inquiry has unearthed deep concerns, especially from rural communities, over the debanking of legitimate sectors and a perceived unequal playing field between town and country.
“I will be asking what is driving banks to act in this way. It would be concerning if the actions of the government through international agreements or through the way we regulate at home is encouraging banks to move beyond commercial incentives and punish rural communities.
“ACT continues to question the role of regulation in anti-farmer, anti-miner banking practices. The Financial Markets Authority imposes emissions reporting requirements on banks. We warned in 2021 that these rules would impact loans on farmers, and we still have that concern.”
