Welcoming news that the Commerce Commission is launching an investigation into the influence of the Net-Zero Banking Alliance on New Zealand’s banking sector, ACT Rural Communities spokesperson Mark Cameron says:

“The banking alliance is a woke cabal. It co-ordinates banks into aligning lending practices with net-zero emissions goals, and this affects local lending practices, especially in the rural sector.

“I’ve been banging on about this for a while now through the rural banking inquiry, and it’s a concern regularly raised with me by farmers. Kiwi farmers are some of the most emissions-efficient in the world, and it makes no environmental sense for banks to kneecap them and send food production offshore.

“Of course it’s tempting to just whack the international cabal, but we need to keep our own house in order too. Red tape here at home is also pushing banks to impose higher costs on rural borrowers. That includes the Financial Markets Authority’s climate reporting rules, and the Reserve Bank’s banking capital requirements.

“ACT will keep kicking the tyres until cockies have affordable access to the financial services they need."

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