{"id":747,"date":"2014-05-14T17:34:00","date_gmt":"2014-05-14T05:34:00","guid":{"rendered":"http:\/\/www.greenpeace.org\/new-zealand\/press-release\/is-the-green-party-banking-on-an-oily-future\/"},"modified":"2024-07-12T15:49:30","modified_gmt":"2024-07-12T03:49:30","slug":"is-the-green-party-banking-on-an-oily-future","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/aotearoa\/story\/is-the-green-party-banking-on-an-oily-future\/","title":{"rendered":"Is the Green Party banking on an oily future?"},"content":{"rendered":"<div class=\"post-content\">\n<div>\n\tYesterday, the Green Party launched a pre-budget policy \u2026 \u201cas a first step in accelerating New Zealand&#8217;s transition to a smarter greener economy\u201d \u2026but from what we\u2019ve seen so far, there a few glaring issues with how they propose to get the green economy into the black.<br \/>\nThey\u2019ve said they would set up a <a href=\"https:\/\/www.greens.org.nz\/press-releases\/greens-will-establish-green-investment-bank\" target=\"_blank\" rel=\"noopener noreferrer\">\u201cGreen Investment Bank\u201d<\/a>, if they get into government. The bank would use public funds to leverage private investment, in order to rewire our economy and harness New Zealand\u2019s clean energy expertise. Co-leader Russel Norman argues it could reduce pollution, create jobs and deliver solutions to environmental problems like climate change.<br \/>\nAnd as was <a href=\"http:\/\/www.3news.co.nz\/Green-Party-looks-to-open-own-bank\/tabid\/1607\/articleID\/343963\/Default.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">pointed out<\/a>, New Zealand would not be the first to create such a bank. Many of our trading partners in UK, Germany and the US have successfully set up similar clean energy investment houses to unlock the enormous economic potential in technologies that reduce pollution.<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.greenpeace.org\/aotearoa\/wp-content\/uploads\/2018\/05\/LCKAAAAAElFTkSuQmCC\" alt=\"\" width=\"600\" height=\"400\"><br \/>\n<em>Russel Norman announcing the Green Investment Bank plan<\/em><\/p>\n<p>Setting up a green investment bank shows some smart thinking about how we future-proof our economy. The reality is that globally, financial markets are starting to ditch investments in heavily polluting industries and instead steer billions of dollars toward clean energy development. And the Greens initiative will help position New Zealand to take advantage of this.<br \/>\nThe thing is though, we\u2019re not entirely sold on how the Greens plan to do it. And that\u2019s because they\u2019ve suggested pegging the bank\u2019s funding to oil revenue.<br \/>\nRaising oil royalties to international standards would have the oil industry here running scared and would put the brake on any further drilling, which will be a step towards safeguarding our oceans and coastlines. Which is good, don\u2019t get me wrong.<br \/>\nBut the proposed green bank also relies on successfully getting oil out of the ocean floors. Which could be read as the Green Investment Bank being dependent on the ongoing activity of one of the most polluting industries on the planet.<br \/>\nI may be wrong, but I don\u2019t think any other green bank has suggested such a direct financing mechanism and we think there are better ways to fund this investment like pension funds and green bonds.<br \/>\nWould it not make more sense to divert funds from the needless expansion of our so called \u2018Roads of National Significance\u2019 to <a href=\"http:\/\/www.nzta.govt.nz\/about\/media\/releases\/2153\/news.html\" target=\"_blank\" rel=\"noopener noreferrer\">fund the bank<\/a>? Or establish green investment bonds, where Mums and Dads with savings can help invest in a more prosperous future for their children?<br \/>\nThe Greens should be applauded for showing leadership in developing policies that will help shape and finance the future prosperity of our nation. And in doing so they have taken some of the more progressive policies from around the world to see how they would benefit New Zealand. Is aligning it with the spoils of the oil industry the right way to start building a cleaner, smarter future? I wouldn\u2019t bank on it.<br \/>\n<em>This blog is part of the <a href=\"http:\/\/www.greenpeace.org\/aotearoa\/en\/System-templates\/Search-results\/?sort=easysearch_startpublishshort%7C1&amp;tag=election2014\" target=\"_blank\" rel=\"noopener noreferrer\">#election2014 series<\/a>. The series discusses New Zealand politics and the policies and, sometimes, lack of them, of our political parties. We hope that it provokes a bit of debate.<\/em><br \/>\n<em>Greenpeace is non-party political. We do not align ourselves with any political party and are committed to the principle of political independence. To maintain our independence, we don\u2019t accept money from governments, corporations or political parties.<\/em>\n<\/div>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday, the Green Party launched a pre-budget policy \u2026 \u201cas a first step in accelerating New Zealand&#8217;s transition to a smarter greener economy\u201d \u2026but from what we\u2019ve seen so far, there a few glaring issues with how they propose to get the green economy into the black.<\/p>\n","protected":false},"author":23,"featured_media":1513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_planet4_optimize_post_is_variant":false,"_planet4_optimize_experiment_name":"","_planet4_optimize_variant_name":"","ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[10],"tags":[26],"p4-page-type":[6],"class_list":["post-747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-greenpeace","tag-oil-and-gas","p4-page-type-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is the Green Party banking on an oily future?<\/title>\n<meta name=\"robots\" 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