increase font size
ACT MP and primary production select committee chair Mark Cameron says he welcomes the investigation.
The Commerce Commission's move to investigate commitments made by major banks under the Net Zero Banking Alliance is being hailed by farming leaders.
ACT MP and primary production select committee chair Mark Cameron says he welcomes the investigation.
"Many in the constituency have raised alarm at this practice and full and open transparency about the Net Zero Banking Alliance and its practices is now timely," Cameron told Rural News.
The Net Zero Banking Alliance is an international group committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.
Federated Farmers claim the five major banks - ANZ, Westpac, BNZ, Rabobank and ASB - have aligned their lending policies and are engaged in "cartel-like behaviour" in terms of their net zero emissions targets. The farmer lobby also claims that the five banks' policies are linked to their affiliation with the Net Zero Banking Alliance. It wrote to the Commerce Commission calling for an investigation. The banks have denied the claim.
A Commerce Commission spokesperson told Rural News that following concerns raised with the Commission, they've opened an investigation to determine whether the adoption and alleged alignment of net-zero strategies and targets by banks, including commitments made under the Net Zero Banking Alliance, could breach section 30 of the Commerce Act.
"We are continuing to obtain information from relevant parties to determine whethere there is conduct that breaches the Act.
"As this is an active investigation, we're unable to make any further comment, including how long the investigation might take."
Federated Farmers banking spokesman Richard McIntyre points out that following Feds' complaint in December, the Commerce Commission made some initial inquiries.
"As a result of that they have decided to open an investigation under section 30 of the Commerce Act which relates to cartel behaviour," he told Rural News.
"It seems that during their initial enquiry they smelt enough smoke to support a more formal investigation looking for fire - and I think they might just find something.
"This is an incredibly serious issue for the banks at this point. If they are found guilty, their directors could face criminal charges. The banks could also be on the hook for huge fines.
"We're calling on New Zealand banks to do the right thing and withdraw from the Net Zero Banking Alliance," McIntyre says.
OPINION: The good fight against "banking wokery" continues with a draft bill to scrap the red tape forcing banks and financial institutions to make climate-related disclosures, by repealing Part 7A of the Financial Markets Conduct Act 2013.
The Commerce Commission is weighing up whether or not it should deregulate the copper network, still used for internet and landline in 80,000 rural premises.
OPINION: Farmers are urging Kiwi banks and their overseas parent companies to follow the lead of America's six biggest banks and urgently withdraw from the Net Zero Banking Alliance.
Farmers are calling for Kiwi banks and their overseas parent companies need to follow the lead of America's six biggest banks and urgently withdraw from the Net Zero Banking Alliance.
ACT MP and farmer Mark Cameron is calling on Parliament to thank farmers by reinstating provisions within the Resource Management Act that prevent regional councils from factoring climate change into their planning.
Tractor manufacturer and distributor Case IH has announced a new partnership with Meet the Need, the grassroots, farmer-led charity working to tackle food insecurity across New Zealand one meal at a time.
The DairyNZ Farmers Forum is back with three events - in Waikato, Canterbury and Southland.
To celebrate 25 years of the Hugh Williams Memorial Scholarship, Ravensdown caught up with past recipients to see where their careers have taken them, and what the future holds for the industry.
Among this year’s Primary Industry NZ (PINZ) Awards finalists are a Southlander who created edible bale netting and rural New Zealanders who advocate for pragmatic regulation and support stressed out farmers.
Rockit Global has appointed Ivan Angland as its new chief operating officer as it continues its growth strategy into 2025.
Nominations are now open for the Horticulture New Zealand (HortNZ) board.
OPINION: The good fight against "banking wokery" continues with a draft bill to scrap the red tape forcing banks and…
OPINION: Despite the volatility created by the shoot-from-the-hip trade tariff 'stratefy' being deployed by the new state tenants in the…
