Asia & Pacific

NZ Party Proposes $500,000 Fine for Banks Withdrawing Services Over ESG Targets

One of the three parties in NZ’s coalition government wants to fine banks that refuse to provide services to businesses for social or environmental reasons.
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NZ Party Proposes $500,000 Fine for Banks Withdrawing Services Over ESG Targets
Coal is loaded onto a lorry. Ian Forsyth/Getty Images
Rex Widerstrom
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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.
Rex Widerstrom
Rex Widerstrom
Author
Rex Widerstrom is a New Zealand-based reporter with over 40 years of experience in media, including radio and print. He is currently a presenter for Hutt Radio.