Rising Fuel and Fertiliser Costs Hit NZ Farmers, ANZ Report Finds
According to the latest ANZ Agri Focus report, energy-intensive and domestically-focused sectors currently bear the brunt of rising fuel, fertiliser and freight costs.
"Customers are increasingly coming to us for support and guidance, asking us what they can do, and how they can invest to future proof their businesses," says Lorraine Mapu, ANZ managing director for business.
In response, the bank says it has expanded the scope of its Business Green Loan. This means business customers can now use the loan to replae their fossil-fuelled fleet with electric vehicles.
"An important part of our role as a bank is to support the shift to more sustainable practices by removing some of the cost barriers businesses face," Mapu says. "Investing in clean transportation can help reduce emissions and increase efficiency."
She says expanding its Business Green Loan to include electric vehicles and clean transport options is one important way the bank can help.
ANZ's Business Green Loan allows eligible customers to borrow up to $3 million at a special floating rate. This can be used for investments in renewable energy, energy efficiency, sustainable land and water us, and the building renovating, or purchasing of green buildings and clean transport.
"Farmers who have taken up the loan, have told us that the special rate meant that it made good sense from a business standpoint, and this helped justify their decision to make a change," Mapu claims.
