Westpac’s Approach to Climate Change
The Westpac Group has long recognised that climate change is one of the most significant issues that will impact the long-term prosperity of our economy and way of life. Since we set out our first climate change action plan almost a decade ago, we have been helping customers and communities transition to a low carbon economy. Westpac’s Climate Change Position Statement and Action Plan builds on our strong track record, outlining the next phase of actions we are taking to meet our commitment to operate in a manner consistent with limiting global warming to less than two degrees celsius above pre-industrial levels.
Westpac will provide finance to back climate change solutions. Our action plan includes
- Increasing our target lending exposure to climate change solutions from $6 billion to $10 billion by 2020;
- Facilitating up to $3 billion in climate change solutions by 2020, e.g. green bond issuance and arrangement.
About Westpac Climate Bonds
The net proceeds of Westpac Climate Bonds are used to finance or maintain the finance for projects and assets which meet the requirements of the Climate Bond Initiative standard (which are aligned with the Green Bond Principles). Funds raised to date have been used to finance and refinance projects in three categories – renewable energy (solar and wind), green buildings and low carbon transport (rail).
The net proceeds of Westpac Climate Bonds go into the Westpac general pool of funds and are then tagged and allocated to investment in the Climate Bond Asset Pool. Funding for eligible green projects is supplemented by funds raised through Westpac’s normal funding activities.
Westpac Climate Bonds rank as senior, unsecured obligations of Westpac Banking Corporation and may be issued off of a number of existing funding programs, including the Australian Domestic Debt Program, EMTN Senior Program and SEC Senior Program.
Climate Bonds Currently On Issue
Westpac New Zealand Green Bonds
Westpac New Zealand Limited issues Green Bonds through its issuing entity, Westpac Securities NZ Limited (WSNZL), London Branch. Find out more about WSNZL Green Bonds.
BT has a range of sustainable investment options suitable for retail investors looking to invest less than $100,000. Find out more at BTSustain@BTFinancialGroup.com.