Westpac’s commitment to action on climate change
Westpac recognises that climate change is one of the most significant issues that will impact the long-term prosperity of the global economy and our way of life.
We are committed to managing our business in alignment with the Paris Agreement and the need to transition to a net zero emissions economy by 2050. This includes how the bank provides financial services, supports communities, operates facilities, engages on matters of policy, and contributes to industry initiatives. The principles on which our work is based are set out in our Climate Change Position Statement and Action Plan.
We acknowledges that our own commitments to operate our business in line with the goals of the Paris Agreement mean that the bank must clearly set out expectations for our customers, recognising that Westpac’s financing activity must align with activities that support efforts to keep a global temperature rise this century to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius.
Westpac continues to make progress against its targets for lending to and facilitating investment in climate change solutions, including green bond issuance and arrangement. Details are reported in our Sustainability Performance Report.
About Westpac Green Bonds
The net proceeds of Westpac Green Bonds are used to finance or refinance eligible projects and assets which meet the requirements of the Climate Bond Initiative Standard (which are aligned with the Green Bond Principles). The Climate Bond Standard serves to determine eligibility of specific projects and assets that can be regarded as contributing to the rapid transition to a low carbon and climate resilient economy in line with the goals of the Paris Climate Agreement. Funds raised to date by Westpac through Green Bonds have been used to finance and refinance projects and assets in three categories – renewable energy (solar and wind), low carbon buildings and low carbon transport (rail).
Westpac Green 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.
Green Bond program1 – current outstanding issuances
|Date of Issue||Type of Issue||Bond Principal||Currency||Term|
|June 2016||Public||500M||AUD||5 years|
|February 2017||Private Placement||50M||USD||10 years|
|February 2018||Public||117.3M||AUD||5 years|
1 Westpac’s Green Bond program was previously referred to as its Climate Bond program and bonds issued off that program referred to as “Climate Bonds”.
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.