Federated Farmers calls out BNZ’s ‘cartel-like’ climate goals, defunding petrol stations

Summarised by Centrist

BNZ aims to phase out loans to petrol stations by 2030 due to future credit risks, CEO Dan Huggins told MPs. Federated Farmers urged the Commerce Commission to investigate, claiming the bank’s coordination through the UN-backed Net Zero Banking Alliance might be “cartel-like.” MP Ryan Hamilton criticised BNZ for defunding “mum and dad” petrol station investors, calling it premature amid low EV adoption.

Read more over at Interest

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