Race to Win
We know a safe climate future, below 1.5C warming, means zero fossil fuels. Yet, our banks are investing billions of dollars in the fossil fuel industry. Since 2015, our major banks have loaned over $21bn to fossil fuel projects in Aotearoa and offshore.
Our major banks are investing billions of dollars in the fossil fuel industry. Since 2015, our major banks have loaned over $21bn to fossil fuel projects in Aotearoa and offshore.
New Zealanders need to have a bank we can trust. We need a Fossil Free Bank, that guarantees, through investment and lending policies, a complete cut of corporate ties with the fossil fuel industry. TSB, Kiwibank, and the Co-operative bank currently do not invest in, or loan money to fossil fuel projects.
But to reach the finish line they must commit to a policy guaranteeing they never will. Who will be the first bank to go Fossil Free?
Proactive divestment from fossil fuels requires a public statement, or policy that rules out any future lending to, and investing in coal, oil, and gas. Banks need to make a strong, formalised commitment to never support this industry to guarantee their customers that they won’t use their money to fund climate change now, or in the future. This needs to be publicly available through ethical investment and lending policies.
Bankrolling the Climate Crisis
Our 2018 report ‘Bankrolling the Climate Crisis’ exposes the relationship between the fossil fuel industry and our banks operating in Aotearoa.
Read the full report here.
Banks operating in Aotearoa are minimising their extremely powerful role in the climate crisis. They hold significant power in supporting the fossil fuel industry’s continued development, by financing their operations. As the custodians of our savings, the banks have a duty to take real action on climate change and cut their ties with this industry.
Critically, our banks sustain not only the fossil fuel industry’s growth, but their social license too. By continuously investing billions of dollars into new and existing projects, the banks send the message that this is an industry that is acceptable to be associated with.
Download our 2018 Report ‘Bankrolling the climate crisis’ here
Who are the climate action roadblocks?
Of New Zealand’s banks, ANZ are the biggest funder of new expansionary fossil fuel projects. Despite publicly championing the Paris Climate Agreement, since 2015 ANZ bank have loaned over $7 billion dollars to fossil fuel projects.
If we are to have any chance of meeting the 1.5°C target in the Paris agreement, we need a just transition to 100% renewable energy for all. Their continued support of the fossil fuel industry undermines their commitment to the Paris Agreement and any real action on climate change. Send a letter to urge ANZ Bank to stop funding fossil fuels, and divest. Urgently.
- Share our ‘rank the banks’ table with your friends and whānau
- Sign our petition demanding a Fossil Free bank in Aotearoa
- Call your bank or visit your local branch and ask to speak to the manager. Tell them why you want them to be the first bank to commit to being Fossil Free. Let them know you’ll be changing banks if another Fossil Free option comes up. Use our Bank Switch Guide
- Our voices are stronger when we act together: band together with a few friends and we’ll send you a resource kit to make your own fun and effective action near you!. Contact us
- Keep up the momentum. Join one of our local groups or start a campaign in your community. Get involved!