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Banking Environment Initiative

Westpac was a founding signatory to the Banking Environment Initiative.

In 2012, Westpac joined 10 other international banks as a member the Banking Environment Initiative, convened by the University of Cambridge Institute for Sustainability Leadership. This initiative aims to lead the banking industry in directing capital towards sustainable economic development.

Our role includes active participation in the Banking Environment Initiative's:

  • Sustainable Trade Finance Council
  • Soft Commodities Compact Implementation Group

Soft Commodities Compact

Westpac is a signatory to the Banking Environment Initiative's Soft Commodities Compact, aligning us with the Consumer Goods Forum's 2010 resolution to help achieve zero net deforestation by 2020. 

This commits us to using all reasonable endeavours to work with Consumer Goods Forum supply chains to explore how we can finance the growth of the markets producing palm oil, timber products, soy, and beef to zero net deforestation standards; and prioritising the establishment of the internal mechanisms such that by 2020 all corporate banking customers whose operations include significant production or processing of palm oil, timber products, or soy in markets at high risk of tropical deforestation can verify that these operations are consistent with zero net deforestation.