Groundswell NZ’s Back Off Banks campaign to hold the banking sector accountable for their treatment of agricultural emissions has taken another step forward with Parliament’s banking inquiry including emissions in its terms of reference, Groundswell NZ co-founder Bryce McKenzie says. 

“Groundswell has been campaigning for Parliament’s banking inquiry to include emissions policies and now the terms of reference published today cover both the Reserve Bank’s approach on greenhouse gas emissions and banks’ environmental and sustainability policies.

“Despite the voting public rejecting policies like the last Government’s Farming Tax, the banking sector has been moving towards de facto enforcement of the same kinds of emissions policies.

“On top of overcharging farmers by 2% on average and denying credit to even high-equity farms, now banks are wanting farmers to comply with emissions policies based on outdated models.

“Farmers are in a tough spot at the moment. These interest rates and the restrained access to credit hit young farmers particularly hard.

“MPs have received thousands of emails from Groundswell supporters, asking them to include emissions in their inquiry and it’s good see the politicians have understood how fundamental this is for New Zealand and our rural communities.

“Now it’s time for New Zealanders to stand up and demand our MPs tell the banks to back off on agricultural emissions. This campaign is far from over,” says Mr McKenzie.