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https://theconversation.com/collateral-damage-how-the-war-on-woke-banking-could-backfire-on-new-zealand-249930>
"It would be hard to think of an industry less obviously “woke” than banking,
but that’s how coalition partner NZ First has characterised certain practices
within the finance sector.
The party’s tortuously titled
Financial Markets (Conduct of Institutions)
Amendment (Duty to Provide) Amendment Bill – dubbed the “woke banking” bill –
takes aim at efforts to build sustainability concepts into investment
practices.
Known as the “environmental, social and governance (ESG) framework”, such
policies are designed to guide how a bank manages risks and opportunities
beyond basic profit and loss.
NZ First’s bill seeks to ensure no New Zealand business can be denied banking
services unless the decision is grounded in law. Its proponents argue it will
prevent ESG standards from perpetuating “woke ideology” in the banking sector,
driven by what they describe as “unelected, globalist, climate radicals”.
Prime Minister Christopher Luxon has supported the bill’s aims, recently
calling it “utterly unacceptable” that petrol stations and mines were being
denied banking services due to banks’ commitment to climate change goals.
Coalition partner ACT similarly called for the end of “banking wokery”. And
last week the Finance and Expenditure Committee announced an extension of its
inquiry into banking competition to include, among other issues, the “debanking
of legitimate sectors”."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
