In 2016 Forest and Bird asked ANZ for a divestment plan to understand how and when it planned to reduce lending to fossil fuel companies. But according to Forest and Bird, the bank did not do enough.

"It's important that the companies we do business with are not investing in fossil fuels. That's not an industry that is part of a sustainable future for our planet," the organisation said.

Forest and Bird's action is the next step in a trend that gained prominence in 2016, when many investors were shocked to find their KiwiSaver plan invested in tobacco and landmine companies.

Most KiwiSaver providers, including the banks which dominate the industry, quickly dumped these investments.

Investors have since focused on whether it's appropriate for KiwiSaver funds to hold shares in coal miners, gambling companies or other businesses causing social or environmental harm.

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