Products and services with social or environmental outcomes
We apply our expertise to develop products and services that help customers achieve social or environmental outcomes.
As customers increasingly look to align their money with products and services which support positive social and environmental outcomes, we continue to identify ways we can meet their expectations.
At the same time, we actively seek to provide banking services and financial backing to customers that are creating positive societal outcomes. We call this positive impact financing.
Below is a sample of the initiatives, product and services we offer to help customers.
To help customers manage their environmental footprint
- Energy Efficient Finance - discounted financing for qualifying energy efficient equipment, supported by a $200 million financing arrangement entered into with the Clean Energy Finance Corporation. Find out more
- Energy Efficient Equipment Lease - which applies the standard features of a lease to energy efficient assets to reduce emissions and cut energy costs.
- 'Solar Shed' package - a dedicated equipment finance loan offering farmers in New Zealand easy and affordable access to high-quality grid connected solar.
To help customers manage where their money is invested
- Westpac Climate Bond - in 2016, Westpac issued a Climate Bond into the Australian market, with proceeds to fund renewable energy and green building projects in Australia.
- Green Bond - in 2014 we partnered with the World Bank to launch Australia's first Green Bond, allowing mainstream investors to support renewable energy, energy efficiency and climate adaptation projects in developing countries.
- Carbon markets trading - our Commodities, Carbon and Energy trading team offers a full range of solutions across the Australian, European and New Zealand carbon markets.
- Carbon Deal Team - in 2010, we established a dedicated Carbon Deal Team within WIB, focused on developing customer and product solutions in response to emerging regulatory and carbon market developments.
To help grow markets with social and environmental outcomes
- CleanTech and environmental services sector - we have set a target of investing or lending up to $1 billion to this sector by 2017, to fund the growth of projects which deliver renewable energy (for example solar and hydro) and green buildings.
- Social impact bonds - we partnered with Benevolent Society and CBA to bring to market a $10 million Social Impact Bond to fund the establishment of the Resilient Families Service. We are proactively involved in aiding the growth of the social impact bonds market.
- Social and affordable housing sector - we have set a target of investing or lending up to $1 billion to this sector by 2017, and offering technical expertise to help grow the sector, with the aim of addressing the critical shortage of affordable housing stock.
- Supply chain diversity - we actively seek to buy products and services from businesses that are driven by a social or environmental purpose or that support people who have traditionally been financially excluded, for example businesses which are run by or actively support Indigenous Australians, refugees or people with disabilities.
Support customers with segment-specific banking services
- Social sector banking - organisations operating in the social sector can benefit from the knowledge of social sector specialist bankers and low or no fee accounts, plus preferred rates on select banking products.
Social sector banking
- Women's markets - we have a bank unit exclusively dedicated to supporting female business owners and professional women to help them build sustainable and profitable careers through education, information and networking opportunities.
- Microfinance - we support microfinance initiatives that provide a hand up to aspiring business owners who, because of their circumstances, are otherwise unable to access mainstream financial services.
- Financial education - via Davidson Institute, offers a range of money management topics to help customers to build capacity required to operate businesses sustainably.
Create a positive difference as shareholders
- Dividend Donation Plan - Westpac offers shareholders the opportunity to donate a portion or all of their Westpac dividends to our Charitable Foundations.
Dividend Donation Plan