🏦 350 Aotearoa Bank Statement 2024:
Is your bank funding climate change? 😱

50+ people sitting on the ground outside of a ANZ bank occupying the entrance of the building

350 Aotearoa Banks Statement 2024: Is your bank funding climate change?

Our major banks in Aotearoa are playing a critical role in keeping the fossil fuel industry afloat by lending and investing billions of our savings in coal, oil and gas companies that have knowingly caused the climate crisis.

Find out if your bank is supporting climate criminals, and switch to a Fossil Free bank!

Table that compares bank. Click on PDF download link for screenreader friendly version

Get the full picture

There’s so much more to know. The full research gives a significantly more comprehensive view of each bank’s impact, including plans around exiting thermal coal, lending to companies with expansion plans, more detail about banks exclusionary policies, info about Kiwisaver and much more. To access the table, click the link below.

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Fossil Free Banks

Bank Statement 2024: Is your bank funding climate change?

Banks play a critical role in keeping the fossil fuel industry afloat by lending to and investing billions of our savings in coal, oil and gas extraction. Our full research provides a comprehensive view into each bank’s impact, including plans around exiting thermal coal, lending to companies with expansion plans, sustainable finance offerings info about kiwisaver and much more. Sign up to access the fossil-free banks table and research. 

Since 2016, the four Australian-owned banks have loaned over $56 billion to the fossil fuel industry. This has enabled over 20 billion tonnes of emissions - more than 250 times the annual emissions of New Zealand. Sign up to find out if your bank is supporting climate criminals, and switch to a Fossil Free bank!

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Amplify your impact

Do you want to support this campaign further? Here are some actions you can take.

Put your bank on notice

Tell your bank that if it continues to choose fossil fuels, you’ll choose another bank. Here’s an email template that you can use as a guide, feel free to incorporate as little or as much of it as you’d like.

Kia ora,

I am writing to urge you to update your policies and lending practices to align with your claimed commitments to net-zero by 2050 and the Paris Agreement.

I expect that you will commit to:

  • completely divesting from fossil fuels
  • explicitly rule out investing and lending to fossil fuel companies
  • withhold business banking services from fossil fuel companies

The IEA’s Net Zero by 2050 report makes abundantly clear that achieving this goal, which [BANK] is committed to, means there’s no room for new fossil fuel projects.

For my part, I cannot in good conscience allow my money to be in the hands of a financial institution that would be prepared to fund companies and projects expanding the scale of the fossil fuel industry when our chances of avoiding runaway climate change are hanging by a thread.

In order to make a decision about my future relationship with you, please let me know within the next month whether you will deliver on the points listed above.

I hope to hear from you in the near future as to what steps you will take to align your lending and corporate relationships to match the goal of holding global warming to 1.5°C.

Ngā mihi,
[YOUR NAME]

Email your ex-bank to tell them why you left

If you do decide to switch banks, amplify your impact by letting your previous bank know why you are leaving. Here’s an email template that you can use as a guide, feel free to incorporate as little or as much of it as you’d like.

Kia ora,

I am contacting to inform [BANK], as a [long-time/lifelong/regular] customer, that I will no longer be banking with your company.

I do not consent to my money being used to invest in, or lend to, fossil fuel-related companies. Although I am aware of your responsible investing policy, it is still not enough to be supporting companies that earn any of their revenue from the exploration or extraction of oil & gas or thermal coal. During this global climate emergency, it is no longer acceptable that any business, especially large corporations such as [BANK], support industries that are directly contributing to the degradation of our precious and only home in any way.

I hope that in the near future, [BANK] is able to:

  • completely divest from fossil fuels
  • explicitly rule out investing and lending to fossil fuel companies
  • withhold business banking services from fossil fuel companies

Until that time, I chose to take my savings elsewhere.

Ngā mihi,
[YOUR NAME]

Call up a bank

Calling banks to let them know that their policies are not acceptable is an effective way for consumers to put the pressure on. Below is a call script that you can use as a guide.

If you want to be specific, you can replace $[TOTAL LENDING] and $[EXPANSIONARY PROJECTS] numbers in the script with the following, depending on the bank you are calling:

TOTAL LENDING EMISSIONS FROM EXPANSION PROJECTS in CO₂ -e
ASB $15.8 billion AUD 6B t
ANZ $18.6 billion AUD 5.3B t
BNZ $14.0 billion AUD 6B t

Source: https://www.marketforces.org.au/campaigns/banks/bigfourscorecard/ [as at 14 February 2022]

Hello, my name is [NAME] and I am calling because I believe that New Zealanders need to have a bank we can trust – a Fossil Free Bank – that guarantees, through investment and lending policies, a complete cut of corporate ties with the fossil fuel industry.

Since 2016, [BANK] contributed $[TOTAL LENDING] to fossil fuel lending globally, including $[EXPANSIONARY PROJECTS] in expansionary projects.

In contrast TSB, The Co-operative bank, and Kiwibank do not currently invest in, or loan money to, fossil fuel projects. I acknowledge that [BANK] has cleaned up their act somewhat in the last few years – but to be on par with these banks it needs to do better. And [BANK] should go even further – they should commit to a policy guaranteeing they divest from the fossil fuel industry and never loan to fossil fuel projects (including refinancing existing loans), so that it can proudly Go Fossil Free!

We cannot afford to keep bankrolling an industry who are actively fuelling the climate crisis. Our savings need to go towards a safe and fair future, built on 100% renewable energy for all.

That’s why I am calling today – to urge you to send the message up the line to your managers that the [BANK] needs to Go Fossil Free! It’s a positive opportunity that New Zealanders – your customers – support. It’s in your best interest and ours.

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We know pressure works – after years of people-powered pressure from our 350 Aotearoa community, Kiwibank has officially cut ties with coal, oil and gas – and now SBS and the Co-operative bank have joined them!

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Our criteria for being a fossil free bank

Some banks may state on their websites (try looking for a page called “responsible investment” or “ethical investment policy”) that they try to avoid or minimise investing in fossil fuel companies. We appreciate this transparency – but that is not enough. We’re calling on all banks to commit to full divestment from fossil fuels, they need to implement a policy that rules out any future investment in, or lending to fossil fuel companies. For banks to retrieve the 350 Aotearoa Fossil Free Banks creditation banks need to make an ethical commitment to rule out investments or lending to fossil fuel companies in a public statement and policy.

Note on subsidiaries of Australian banking groups

The four largest banks in Aotearoa (ANZ, Westpac, ASB, BNZ) are subsidiary companies of Australian banking groups. Our full research assesses the financial activities and policies of each banking group, as well as the subsidiary companies where information was available. In the shortened version we’ve just included the data from the banking group. This is because current policies, investments, and lending practices are managed at a group level, i.e. by their parent Australian bank. Therefore, while the New Zealand subsidiaries might have more ethical and sustainable policies we know that any profits that they make go back to the parent company which then invests these into fossil fuel projects.

In our table, the banks are primarily referred to by the operating name in Aotearoa as the intended audience for this report is New Zealanders. These are the names of the NZ operating names, and their respective Australian banking groups that they are part of:

  • ANZ – Australia and New Zealand Banking Group
  • ASB – the New Zealand subsidiary of Commonwealth Bank of Australia
  • BNZ – the New Zealand subsidiary of National Australian Bank
  • Westpac – Westpac Banking Corporation

Read our 2018 report: ‘Bankrolling the Climate Crisis’

Check out the report that relaunched our banks campaign back in 2018. ‘Bankrolling the Climate Crisis’ exposed the relationship between the fossil fuel industry and our banks operating in Aotearoa.

Please note that the tables in the report are out of date. Please see our updated research in the 2024 Banks Statement for the most up to date information on our banks’ investments in and lending to coal, oil and gas companies.

Download the full 2018 Report

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