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:

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.