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Cryptocurrency News Articles
Shane Jones is right to take on the banks for refusing to lend to the fossil fuel industry
Jan 30, 2025 at 08:06 am
Despite all the things the fossil fuel industry gets accused of, it is not an illegal operation. Which is why Shane Jones is planning this intervention
The Associate Energy Minister Shane Jones has threatened to introduce a private members bill that would force banks to do business with the fossil fuel industry.
This comes after several banks, including ANZ, have announced that they will no longer be lending money to the fossil fuel industry in an effort to reach net zero emissions by 2050.
Jones said that the banks' decision is "unfair" and that it is "treating people who own petrol stations, for example, like second-class citizens."
"If you're running a perfectly legitimate business, then banks shouldn't be allowed to close their doors to you," he said.
However, some argue that the banks have the right to decide who they do and don't do business with.
The fossil fuel industry has been accused of contributing to climate change, but it is not an illegal operation.
The Net Zero Banking Alliance, which banks around the world have signed up to, is a voluntary initiative that aims to get banks to lend money to businesses and industries that align with the goal of having net zero emissions by 2050.
A total of 136 banks in 44 countries have joined the alliance, with assets worth about $NZD100 trillion.
The alliance's purpose is to get banks to lend money to businesses and industries that align with the idea or the goal of having net zero emissions by 2050.
So you can see why the banks here have been pulling the pin on lending money to petrol stations. Because petrol is "bad" and doesn't do much for achieving your net zero emissions by 2050.
And I'm perfectly happy if the banks want to be part of this. Good on them.
I'm perfectly happy if they want all their mobile mortgage managers to run around the place in EVs because that would align with zero emissions. Go for it.
I'm perfectly happy too for the banks to give all their staff free bus passes – although it would be us customers who would end up paying for it.
What else? Solar panels at all branches? Yep, go for that too.
But turn your nose up at petrol station owners and the general fossil fuel industry? No thanks.
Because, whether the banks like it or not, they are legitimate businesses - just as legitimate as any other sector. And what the banks are doing is wrong.
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