“So far, the inquiry into rural banking has not changed my suspicion that a cabal of woke banks is neglecting rural communities in the name of climate action,” says ACT Rural Communities spokesman Mark Cameron.

“Banks are starving rural New Zealand of capital. Farmers have long complained they’re getting a raw deal on loans compared to their urban cousins. BNZ won’t even lend for people to set up or expand rural petrol stations.

“Banks should be supporting Kiwi farmers. If they are concerned about emissions globally, they should be falling over themselves to lend to the most efficient dairy producers in the world, lest production shift offshore where farming activity creates more emissions.

“The problem is that here we have banks acting in concert to virtue signal with anti-rural lending practices. This is in part thanks to their association with overseas umbrella organisations and the way banks are regulated.

“Through the banks’ parent companies they are part of the UN’s Net Zero Banking Alliance, which was set up to change lending practices for the sake of climate goals. The six largest banks in the United States have all left the Net Zero alliance in the last few months. It’s time for banks in New Zealand to do the same. There’s been a political sea-change and there’s no longer an appetite for corporate virtue-signalling.

“Meanwhile, the Financial Markets Authority imposes emissions reduction reporting on banks. In 2021, ACT was the only party to vote against the legislation that introduced these reporting requirements, warning that they could affect loans to farmers. We continue to support the repeal of these requirements.”

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