Banks which refused to provide services to customers based on environmental or social concerns would face fines of up to $500,000 (US$282,000) under a proposal from one of the three parties in New Zealand’s coalition government, NZ First.
It comes after a senior NZ First Minister, Shane Jones, rallied against the Bank of New Zealand (BNZ) for announcing that it would slowly be withdrawing services from a coal mining company so it could meet its commitment to the Paris Accord.