Thursday, November 22, 2018

Climate Change: Aussie banks are burning our world

Australia is one of the world's worst climate criminals. Run by climate change deniers, constantly threatening to pull out of climate change agreements, focused on fossil fuel exploitation, they seem to be intent on burning the planet as fast as they can. And unfortunately, their banks are the same. A report from has found that the major Australian banks operating in Aotearoa have loaned over $21 billion to the fossil fuel industry, providing them with the capital to keep destroying the planet:

“Banks are a direct link between everyday people and the fossil fuel industry. Since 2015, our Australian-owned banks in Aotearoa have loaned over $21billion to the fossil fuel industry. Financing fossil fuels is irresponsible, risky, and immoral, and it’s time that we demand our banks to stop fueling the climate crisis.”

The report ranks seven banks in Aotearoa on their lending and investment policies.

ANZ, Westpac, National Australia Bank (including the New Zealand subsidiary BNZ), and Commonwealth Bank of Australia (including the New Zealand Subsidiary ASB) are all given an E ranking, and described as the ‘bankrollers’ of fossil fuels.

These companies are basicly in the same ethical position as arms dealers, profiting from encouraging death and destruction. And we should treat them as such.

The good news is that NZ-owned banks - the Co-operative Bank, Kiwibank and TSB - are better. None is a financier of climate change, and TSB has banned "investments" in destroying the world (but not yet banned loans). The message is clear: if you want a better planet, you should take your business to a company which supports it.

The full report is here. 350 also has a petition to NZ banks demanding they go fossil-free, which you can sign here.