Westpac announces deal to support Carbon Trading Exchange
12 October 2010
Westpac continues to play an important role in assisting Australia’s transition to a low carbon operating environment, today announcing a deal with the Carbon Trade Exchange (CTX), the first carbon trading exchange for companies or individuals looking to get involved in the voluntary carbon market and reduce their environmental footprint.
Announced at the largest carbon Conference in Australia, CarbonExpo, with the Minister for Climate Change and Energy Efficiency, the Hon Greg Combet AM MP, and Professor Ross Garnaut in attendance, the deal will see Westpac provide CTX with the financial structure to facilitate voluntary carbon trading on the exchange, as well as supplying transactional banking services to the company.
Westpac’s Managing Director, Foreign Exchange & Commodities, Carbon and Energy (FX & CCE), Paul Verschuer, said Westpac was pleased to support the launch of Carbon Trade Exchange in Australia. “Westpac is uniquely placed to assist customers with the transition to a low-carbon future, having brought together expertise from across the bank to focus on developing fully integrated carbon finance solutions”, Mr Verschuer said.
“As a leading financial institution that invests in every level of the community, a core function of what we do is the pricing of risk and the financing of economic activity.
“Whether it is providing a personal loan to buy a fuel efficient car, a home loan to install solar panels on the roof, energy efficiency solutions for small businesses or large project finance for renewable energy assets, Westpac is determined to support all Australians and Australian business in transitioning to a low carbon future”, Mr Verschuer added.
Commenting on the deal, the Carbon Trade Exchange CEO and Founder Wayne Sharpe said, “Carbon Trade Exchange is providing Australians with greater access to the multi-billion dollar global voluntary carbon market and Westpac is working with business to support the next generation of environmental and carbon businesses. Business is taking the lead to combat climate change and ensure profit in a Carbon Constrained economy”.
The Westpac Group has a long history of being a global leader in sustainability and, as part of its own five-year climate change strategy, has committed to an aggressive overall emissions reduction target of 30% by 2013. In May 2010 Westpac announced a corporate partnership with The Climate Institute, focused on promoting Australian business investment in climate action, clean energy and pollution reduction.
About the Westpac Group
The Westpac Group is Australia's second largest bank by market capitalisation and employs 37,000 people in Australia, New Zealand and the near Pacific region. The group’s portfolio of financial services brands and businesses includes Westpac Retail and Business Banking, St.George Bank, BankSA, BT Financial Group Australia, Westpac Institutional Bank and Westpac New Zealand. The Westpac Group is focused on a common purpose – helping our 10 million customers achieve their financial goals. Westpac aims to provide fully integrated solutions for those looking to reduce their own carbon footprint, including financing new carbon-related business opportunities, energy efficiency and renewable energy opportunities and managing the carbon risk exposure of our customers.
Carbon Trade Exchange (CTX) is a Global carbon credit trading exchange that enables carbon buyers and sellers from around the world to trade most major voluntary carbon standards in an extremely efficient, end-to-end electronic process. The CTX is the world’s first web based electronic platform for Voluntary Carbon Credits (VERs) and will soon facilitate trading of international offset credits (Certified Emission Reductions or CERs).
CTX operates from its offices in London, Australia and New York and has a dynamic and highly experienced management team supported by a global board of Directors, led by founder and CEO Wayne Sharpe.