Tuesday, 21 January 2025 11:25

Follow the leaders

Written by Milking It

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OPINION: Farmers are urging Kiwi banks and their overseas parent companies to follow the lead of America's six biggest banks and urgently withdraw from the Net Zero Banking Alliance.

Since the start of December, heavyweights JP Morgan, Citigroup, Bank of America, Morgan Stanley, Wells Fargo and Goldman Sachs have all exited the UN-backed banking alliance.

Federated Farmers says that these big US banks have seen that their involvement in the Net Zero Banking Alliance is about to come under huge scrutiny.

"They're leaving in droves because of lawsuits for anti-competitive behaviour within the banking sector and growing political pressure.

"Federated Farmers are now calling on our banks to do the same. They need to do the right thing and withdraw from the Net Zero Banking Alliance."

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