It aims to put “the interests and values of Kiwis ahead of short-term business interests”
Kiwibank has garnered praise for its responsible banking policy that aims to put “the interests and values of Kiwis ahead of short-term business interests.”
Kiwibank has decided to cut ties with companies involved in the extraction, production, and manufacture of oil, gas, and coal. It also blacklisted palm oil, tobacco, synthetic drugs, military-grade weapons, casinos, and predatory lending.
Green Party Co-leader and Climate Change Spokesperson James Shaw welcomed Kiwibank's decision to become part of the solution to climate change.
“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,” Shaw said.
“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.”
Read more: Kiwibank responsible business policy: essential, or arbitrary?
Climate justice organisation 350 Aotearoa also welcomed the bank's commitment as it gives environmentally conscious consumers an option that guarantees their money would not support environmentally destructive sectors.
“We're at a critical stage in the fight for a safe climate future – and the science is clear that we must stop all new fossil fuel projects and rapidly transition to a 100% clean energy future and support workers into sustainable jobs,” said Erica Finnie, a campaigner at 350 Aotearoa.
“By cutting its ties with coal, oil, and gas companies, Kiwibank is setting a new standard for Aotearoa's banking sector. Our banks hold the purse strings on the large sums of money fossil fuel companies need to borrow in order to explore for and extract oil, gas, and coal.”
