Greens welcome Kiwibank’s decision to stop doing business with fossil fuels

Green Party Co-leader and Climate Change Spokesperson James Shaw today welcomed Kiwibank’s decision to rule out doing business with companies involved in climate-polluting fossil fuels.

“When people get their fortnightly pay, or put money away to save for a holiday, or their children’s future, they want to know that the bank they are using is part of the solution to the climate crisis,” James Shaw said.

This week Kiwibank said it would withhold banking services from entities that are directly involved in, or that get the majority of their business revenue from the extraction, production and manufacturing of coal, oil, and gas.

“The Greens in Government have been clear that to pass on a safer planet to our children and grandchildren we have to stop burning the fossil fuels that are causing the climate crisis. Over the last three years we have introduced some of the world’s most ambitious climate change policies, including passing a law with unanimous support from MPs in Parliament that commits us to reducing carbon emissions to net zero.

“Shifting support away from dirty fuels will be crucial if we are to meet our climate targets and create cleaner, greener and safer communities in every part of the country. I am pleased to see that Kiwibank is responding to the direction we have set for the future of New Zealand and ruled out doing business with the fossil fuels companies that are the leading cause of the climate crisis,” James Shaw said.

Kiwibank has said that it does not currently have any investments in coal, oil, or gas, and does not lend to the fossil fuel industry. However, it has stopped short of ruling out all future investments in fossil fuels.

“A bank’s position on fossil fuel investment will become an increasingly important factor for people when deciding who to bank with. That will be true for young people, in particular, most of whom are growing up worried about how the climate crisis will impact their lives,” James Shaw said.

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