Mark Cameron

“The collapse of the Net-Zero Banking Alliance is a cause for celebration for farmers, miners, and those of us who’ve long said New Zealand should not be ruled by foreign financial ideologues,” says ACT Rural Communities spokesman Mark Cameron.

The Guardian reports that the Net‑Zero Banking Alliance has officially disbanded, ceasing operations entirely following a mass exodus of member banks.

“For too long, unelected overseas elites have tried to dictate terms to rural New Zealand through our banks. Under the guise of climate virtue, Kiwi farmers were being told to justify their emissions profiles just to access finance.

“This is what ACT warned about. As part of the select committee inquiry into banking practices, I challenged ASB and Westpac on their membership. ACT condemned the cabal, and called on member banks ANZ, ASB, BNZ, Westpac, and Rabobank to join international banks like Macquarie in walking away.

“It's a shame our local banks never saw sense on this matter. But changing attitudes internationally have now rendered the point moot. There's no more appetite for banking wokery, the Net Zero Alliance is dead in the water, and local banks no longer have the climate cabal breathing down their necks.

“I'm still concerned about local drivers of woke banking. The Financial Markets Authority imposes emissions reporting requirements on banks. ACT warned in 2021 that these rules would impact loans on farmers, we continue to raise the alarm, and I have drafted a member's bill that would address the issue.

“Farmers shouldn't be debanked for putting food on the table. Miners shouldn't be debanked for providing the materials that fuel a productive economy. Petrol stations shouldn't be debanked for helping Kiwis get from A to B.”