This is edition 2024/215 of the Ten@10 newsletter.
Welcome to the Ten@10, where I collate and summarise ten news items you generally won't see in the mainstream media.
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1. Federated Farmers asks the Commerce Commission to investigate bank 'cartel-like' climate goals, BNZ tells petrol station owners it won't offer any new loans to the sector
Interest.co.nz
- 🏦 Federated Farmers asked the Commerce Commission to investigate banks for 'cartel-like' climate goals.
- 🛢️ BNZ plans to stop new loans to petrol stations and phase out existing loans by 2030 due to fossil fuel risk.
- 🌍 BNZ's decision is based on credit risk from future electric vehicle adoption, not just climate policies.
- 🔗 BNZ's actions align with the Net Zero Banking Alliance (NZBA) goals, prompting concerns of cartel-like behavior.
- 🚗 New Zealand government aims for 10,000 EV charging stations by 2030, signaling a shift away from fossil fuels.
- 💬 Opposition argues BNZ's move against fossil fuels contradicts free market principles.
- ⚖️ Stuart Smith suggests potential legal action akin to US cases against banks over climate policies.
- 🌱 Federated Farmers express concern over potential anti-competitive behavior by banks coordinating emission reduction policies.
