[PRESS RELEASE] Drive Electric welcomes BNZ as a Premium member

Press release

29 August 2022

DRIVE ELECTRIC WELCOMES BNZ AS A PREMIUM MEMBER

Bank of New Zealand (BNZ) has partnered with Drive Electric, a non-profit organisation that advocates for electric vehicle uptake across New Zealand. As a Premium member, BNZ will be crucial in shaping the future of electric transport as they work to decarbonise their business activities.

BNZ has committed to reducing emissions across their operations by 60% by 2025, against a 2019 baseline. Since 2019, they have already reduced their operational emissions by 50% (2021 reporting year) and they offset any remaining operational emissions through the purchase of carbon credits.

Between 2019 and 2021 BNZ halved the size of their fleet and have introduced electric vehicles with a plan to be 100% electric (plug in hybrid or full electric) by the end of 2023[1] . To support and encourage the use of EVs, BNZ are installing a network of EV charging stations for BNZ staff.

Across their wider business, BNZ has achieved and maintained the Toitu Enviromark Diamond standard since November 2020. BNZ has also committed to become net zero across their lending and investment portfolios by 2050. Financial institutions can play an important role in helping New Zealand meet reduction targets by providing access to finance that supports more sustainable choices, including the uptake of electric vehicles.

BNZ is committed to doing what it can to help New Zealand tackle climate change, and is helping to finance sustainability and climate action for New Zealanders:

• Their provision of $618 million in sustainable finance in FY21, with a commitment to deliver $10 Billion of sustainable finance in NZ by 2025
• A goal to transition their entire car fleet to plug-in vehicles or 100% electric by the end of 2023.
• Their collaboration on a Climate Action Toolbox to help businesses measure and reduce their carbon footprint.
• Partnerships with the Net Zero Banking Alliance, Toitū Tahua: Centre for Sustainable Finance, the Sustainable Business Council, the Climate Leaders Coalition, ChargeNet, Ecotricity and now Drive Electric.

BNZ Head of Sustainability, Emma Brosnahan, says, “Road transport and vehicle emissions make up 15 per cent of New Zealand’s overall emissions, so meaningful reductions here will help us reach our climate change goals. Electric Vehicles are increasingly a great option for New Zealanders and New Zealand businesses – alongside their lack of emissions, they’re also cheaper to run, reliable, and increasingly affordable.  We’re thrilled to be partnering with Drive Electric to help push the adoption of EVs forward.”

Mark Gilbert, Chair of Drive Electric, says, “We warmly welcome BNZ to Drive Electric, at the highest level of a membership that represents all facets of the electric transport ecosystem in New Zealand. BNZ has positioned themselves as a future-focused leader in the financial industry, and we are excited to work alongside them as they make significant contributions to New Zealand’s transport future.”

About BNZ

Bank of New Zealand was founded in 1861 and has been an integral part of New Zealand life ever since. Today the bank employs over 5,000 people in New Zealand, works with Personal, Business, Agri and Private Wealth clients, and has 137 branches and Partners’​ Centres across NZ.

About Drive Electric

Drive Electric champions electric vehicle uptake and the decarbonisation of New Zealand’s transport sector. The not-for-profit organisation engages with government, media, industry and individuals to continually promote the benefits of making e-mobility mainstream and encourage accelerated electric vehicle uptake across the country.

[1] This will rely on ensuring access to adequate supply of plug-in hybrid and electric vehicles.