Groundswell NZ welcomes news the Government has requested that Parliament’s Primary Production Committee hold an inquiry into rural banking, but this must include banks’ treatment of agricultural emissions, Groundswell NZ co-founder Bryce McKenzie says.

“Banks are becoming de facto enforcers of the same kinds of emissions policies that have been rejected by the voting public.

“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and denying credit to even high-equity farms, now banks are wanting farmers to comply with emissions policies based on outdated models.

“We’re worried that the problems with credit access may be caused by banks wanting to reduce the emissions disclosures in their lending portfolio reports, when the models they use don’t reflect the developing science on agricultural emissions.

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

“The Primary Production Committee’s inquiry into rural banking must include the financial system’s treatment of agricultural emissions. The future of family farming in New Zealand is at stake.

“We invite everyone to go to backoffbanks.nz and tell MPs to include emissions in their inquiry,” says Mr McKenzie.

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