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2023 Sustainability Announcements
To deliver on our purpose of Creating better futures together, we are acting now to support the transition to a net-zero economy by 2050 for our planet, customers, employees and community.
Our first Climate Report supports our ambition of becoming a net-zero climate resilient bank and sets out our plans and progress in a clear, simple way.
We are reducing our emissions, consolidating our corporate sites into more energy efficient premises, increasing our use of renewable energy and improving our waste management and recycling outcomes. From April this year we achieved a significant milestone sourcing the equivalent of 100% of our Australian electricity demand from renewables.
The biggest impact we can make to addressing climate is by working with customers to meet their own net-zero ambitions. We have now set 12 2030 Net-Zero Banking Alliance (NZBA) sector targets in eight of nine NZBA carbon intensive sectors and we’re here to help customers realise the opportunities that transition presents.
Recognising the significant opportunities of climate change we developed our first Sustainable Finance Framework to better identify and classify green, transition, sustainability and social finance. Based on this, we set new sustainable finance targets to provide $55bn in lending and $40 bn in bond facilitation by 2030.
This year we’ve also released our first Natural Capital Position Statement, which sets our ambition to become a nature positive bank and understand the complex interplay between climate change and nature and the impact on our business and customers.
Westpac has long been committed to address the risks and opportunities presented by climate change and we’re proud to continue this vital work.