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Westpac partners with Advance to establish global sustainability network


22 February 2010

The Westpac Group continues to lead the way in advancing sustainability, with the Westpac Institutional Bank becoming a founding partner of the Advance Green Network, a network of prominent Australians living at home and abroad who are committed to the challenge of building a sustainable future.

The announcement follows The Westpac Group’s recognition last month as one of the “Global 100 Most Sustainable Corporations” at the Davos World Economic Forum in Switzerland.  Westpac was the only Australian bank to receive this recognition, acknowledged as the top Australian corporation, coming in at number 15 on the list globally.

The Westpac Group’s Director of Emissions and Environment, Emma Herd, said; “Westpac has a long history of responsibly managing our direct and indirect environmental impacts. Westpac Institutional Bank, in particular the Commodities, Carbon and Energy (CCE) group, is now using this experience to help our customers manage their own carbon risks and take advantage of emerging green market opportunities”.

“Westpac Institutional Bank’s partnership with the Green Network strengthens our commitment to supporting the development of business opportunities for our customers, both around the world and at home in the growing Green Sector.”

Ms Herd said that financial institutions were in a unique position when it came to climate change and the associated risks to business, as they lend to and invest in every other aspect of the economy.

“Being a global leader in sustainability is a key strategic goal for Westpac. We are committed to helping Australians and Australian businesses manage and reduce greenhouse gas emissions”, she said.

The Westpac Group undertakes a number of initiatives as part of its public advocacy of sustainability, including “Our Tomorrow”, a sustainability program to inform, motivate and engage employees, involvement in the Hub of Responsible Business Practice in Australia, the rollout of a Supply Chain Code of Conduct to encourage more sustainable business practices amongst Westpac suppliers as well as ongoing involvement in policy debate.

For the last 8 years, the Dow Jones Sustainability Index has recognised Westpac’s global leadership position in the banking sector.

About the Advance Green Network

The Advance Green Network helps global Australians get involved in the quest for a sustainable future and aims to:

  • Build the Green Network in support of Advance’s role as Australia’s premier overseas professional networking forum;
  • Inform Advance members about major green issues (energy, water, waste, agriculture, etc.)
  • Encourage business leaders and policy makers to bring about change towards a sustainable future;
  • Participate in discussions of new sustainable business models and highlight innovative companies;
  • Encourage better alignment between shareholders and companies to offer long term sustainable growth;
  • Develop a coherent voice that knits together the powerful interests in finance, technology and the new sustainability sectors;
  • Foster research, development and commercialisation of Australian and global green technology.

About the Corporate Knights 2010 Global 100 Most Sustainable Corporations

Corporate Knights, the magazine for clean capitalism, recently announced its sixth annual Global100 list of the most sustainable large corporations in the world, with the latest list establishing a new standard of transparency for such rankings.

The 2010 Global 100 tapped intelligence from the world's largest sustainability research alliance put together by Legg Mason's Global Currents Investment Management to isolate the top ten per cent of companies from a universe of 3000 global stocks, which were then transparently ranked based on 10 indicators, with data sourced from ASSET4, a Thomson Reuters business, and The BLOOMBERG PROFESSIONAL® service.

The Global 100 includes companies from 24 countries encompassing all sectors of the economy, with a collective enterprise value of $4 trillion, and three million employees.