350 Aotearoa Report Shows Australian‑Owned Banks Fund Fossil Fuels While NZ Banks Remain Fossil‑Free

Climate‑justice group 350 Aotearoa released a report on 6 August 2026 exposing the continued financing of coal, oil and gas projects by Australian‑owned banks operating in New Zealand. The analysis notes that BNZ is lending about $237 million to oil and gas companies and that its parent, National Australia Bank, increased fossil‑fuel financing by more than 70 percent in the previous year. In contrast, New Zealand‑owned institutions such as Kiwibank, SBS and the Co‑operative Bank are identified as fossil‑free.

Campaigner Adam Currie said, “Banks are the irrigation system of our economy… Australian‑owned banks are still enabling new coal, oil and gas expansion while communities face climate‑fuelled storms, floods and droughts.” Barry Coates, co‑CEO of Mindful Money, added that the report cuts through banks’ sustainability rhetoric, showing which lenders support the transition to renewable energy and which continue to “pour fuel on the fire.” 350 Aotearoa urges New Zealanders to pressure banks to divest from fossil‑fuel financing.