29 Mar 2018

Forest and Bird ditch ANZ over fossil fuels

8:51 pm on 29 March 2018

Forest and Bird are ditching ANZ as their bank, due to their investment into fossil fuels.

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Photo: RNZ / Russell Palmer

The conservation organisation asked ANZ for a fossil fuel divestment plan in 2016, but weren't satisfied with the response.

According to 350 Aotearoa ANZ has loaned $24.9 billion to fossil fuel companies since 2008.

Forest and Bird climate advocate Adelia Hallett said fossil fuel divestment is becoming more common and makes economic sense.

"Even if you're not worried about climate change, what you should be worried about is stranded assets.

"If your super annuation has been invested in fossil fuels, they are very quickly going to become stranded assets and your investments would be become hugely devalued if not worthless," she said.

Forest and Bird will be shifting several millions of dollars in assets through to Kiwibank from May this year, she said.

"We accept Kiwibank's assurance they do not currently lend to fossil fuel companies. However, they are aware that we want to see this become a permanent public commitment," said Ms Hallett.

She said while its up to individuals to look at whether they should do the same, she said everyone should be doing everything they can to tackle climate change.