Two new environmental solutions launched
30 May 2016
Westpac Group has unveiled a new Climate Bond and Energy Efficiency Finance Program, adding to its growing number of products and services to help address environmental challenges.
Westpac Group Head of Sustainability Siobhan Toohill said these initiatives reflect Westpac's commitment to deliver practical solutions for customers that also support Australia's shift to a more sustainable economic model.
"The launch of the Westpac Climate Bond and the Energy Efficiency Finance Program are examples of steps Westpac is taking to support an economy that limits global warming to below 2oC compared with pre-industrial levels," Ms Toohill said.
"It has also helped us meet, ahead of plan, our goal to deliver five new unique products or services to help customers adapt to environmental challenges."
Westpac Climate Bond
The Westpac Climate Bond, which last week raised AUD 500 million, gives investors the opportunity to support environmental projects through a high-grade fixed income investment.
Funds from the Bond will be allocated to seven wind energy facilities and five low carbon commercial properties, all certified under the Climate Bonds Standard (v1). In addition, the commercial properties are rated five-stars or higher under the NABERS rating system.
Energy Efficiency Financing Program
Westpac's Energy Efficiency Financing program will help Australian businesses reduce their energy costs and improve their environmental footprint by offering assistance to design, procure and finance CleanTech solutions such as solar and energy efficient equipment, supported by an up to $200 million financing arrangement entered into with the Clean Energy Finance Corporation (CEFC).
Through the program, customers will benefit from a 0.70% p.a. discount on the interest rate to finance certain energy efficient equipment. Customers will also have access to specialist expertise to help them create and deliver energy efficient projects for their business, through solar and energy efficiency expert Verdia.