Westpac Group's Sustainability Performance Report, released today, confirmed that the Group met its 2015 environmental performance targets, and the Group's lending to and investment in CleanTech and environmental service sector totalled $6.1 billion, which exceeded its 2017 target.
These results reflect the Group's long term commitment to finding economic solutions to environmental challenges, as reaffirmed in its Climate Change and Environment Position Statement and 2017 Action Plan.
Westpac Group Head of Sustainability, Siobhan Toohill, said Westpac Group's updated position statement reconfirmed that the bank is preparing for a Two Degree Economy.
"We recognise the significant environmental, social and economic benefits to limiting global warming to two degrees Celsius above pre-industrial levels," Ms Toohill said.
"In addition to the actions we are already taking to manage our direct and indirect environmental footprint, we also acknowledge the size of many of the environmental issues we face will need economy-wide changes requiring partnerships and collaboration.
"That's why, during the year, we highlighted our support for Australia's bipartisan commitment to limit global warming to less than two degrees by signing the Business Coalition Statement on Climate Change.
"We have also signed up to a number of climate and environmental leadership initiatives under the CDP Road to Paris program, now known as the We Mean Business Coalition," she said.
"In addition, we extended our participation in the Climate Partners Network, and continued our involvement in the Australian Business Roundtable for Natural Disasters and Safer Communities, and the Banking Environment Initiative."
2015 Environmental Solutions highlights
- 61% of total electricity financing portfolio directed to renewable energy generation
- $6.1 billion lending/investment in CleanTech and environmental services sector
- Total direct greenhouse gas emissions reduced by 6.1%
- Met all direct environmental footprint targets, and introduced additional targets
- Remained carbon neutral
- Relocated capital city head office based staff into a six star Green Star rated building in Melbourne, a LEED Platinum building in Singapore, and in Sydney to the world's first carbon neutral and six star Green Star designed precinct at Barangaroo
- Committed to a number of global initiatives, including the CDP Road to Paris program, now known as We Mean Business Coalition
- Released an updated Climate Change & Environmental Position Statement & Action Plan, which reconfirmed commitment to supporting the transition to a Two Degree Economy