9 May 2022
Our 2021-2023 Sustainability Strategy is centred around three pillars:
- Helping when it matters most;
- Backing a stronger Australia; and
- Collaborating for impact.
The actions we have taken against our three priority areas include:
Helping when it matters most
Supporting customers and businesses through times of change and hardship, and supporting financial wellbeing. During First Half 2022, we:
- Supported over 1,500 customers with a natural disaster relief package;
- Approved $1.3 million in payments to almost 450 small business customers impacted by the floods in New South Wales and Queensland, as part of our dedicated $2 million fund;
- Provided more than 100,000 people with access to our Recovery Hub, which brings together resources to help users manage financial stress;
- Assisted over 12,000 cases through our specialist vulnerability teams;
- Extended our partnership with Head Start Homes, a not-for-profit organisation working to provide secure and stable homes to those living in community housing;
- Offered a variety of financial education resources, including live events, through Westpac’s Davidson Institute, with those attending reporting a high level of confidence in being able to apply their learnings1; and
- Improved banking accessibility for more than 9,200 Indigenous and remote Australians since the beginning of FY21 through Yuri Ingkarninthi, our Indigenous Connection Team.
Backing a stronger Australia
Backing people, jobs and ideas that shape Australia’s future, and helping Australians respond to climate change. During First Half 2022, we:
- Continued support for Indigenous-owned businesses, including spend on carbon credits from savannah fire management projects in Arnhem Land;
- Westpac Scholars Trust2 awarded 100 new scholarships;
- Westpac Foundation’s3 job creation grants to social enterprises helped created 769 jobs for vulnerable Australians;
- Participated in 39 transactions, with a total volume of $35.9 billion, to support Westpac Institutional Bank customers with sustainable finance solutions4. $7.7 billion is attributable in direct lending and capital markets distribution capability;
- Achieved $2.8 billion in new lending to climate change solutions5 (TCE) since 2020, towards our target of $3.5 billion by 2023;
- Completed a $250m structured auto finance facility to fund electric vehicles and related features such as recharge equipment for consumer fintech lender, Plenti; and
- Remained on track to reduce scope 1 and 2 emissions by 65% by the end of FY22 and to reduce scope 3 supply chain emissions by 35% by 2030, against 2016 baselines.
Collaborating for impact
Respecting human rights, amplifying Indigenous voices and supporting the transition to a climate resilient future. During First Half 2022, we:
- Published our 2021 Modern Slavery Statement in response to the Australian Modern Slavery Act 2018 (Cth) and the United Kingdom’s Modern Slavery Act 2015 (UK);
- Completed a Group-wide survey of our employees to better understand the diversity of our workforce, and their experiences of inclusion and diversity;
- Published our Child Safeguarding Position Statement as we work to embed a child safe culture within our organisation;
- Progressed the development of financing strategies and portfolio targets to support a net zero economy by 2050;
- Engaged agribusiness customers to explore impacts of climate change on farm productivity and the role of adaptation measures to improve climate resilience;
- Joined the Australian Industry Energy Transitions Initiative convened by Climateworks Centre and Climate-KIC Australia to coordinate learning and action on net zero emissions supply chains;
- Joined the Taskforce on Nature-related Financial Disclosures Forum to support the development of a nature-related financial disclosure framework;
- Progressed development of Westpac’s fifth Reconciliation Action Plan; and
- Partnered with The Economist Impact to publish an inaugural survey of the sustainable finance market in Asia Pacific, which showed that the issuance of sustainable finance solutions more than doubled over the last few years and that 91% of investors surveyed have begun to decarbonise, or have plans to decarbonise, one or more portfolios.
Further information on our Sustainability Strategy is available at westpac.com.au/sustainability. This also includes our annual sustainability performance reporting and position statements.
1. Average score of 4.5/5, with 5 representing highest level of confidence.
2. Westpac Scholars Trust (ABN 35 600 251 071) is administered by Westpac Scholars Limited (ABN 72 168 847 041) as trustee for the Westpac Scholars Trust. Westpac Scholars Trust is a private charitable trust and neither the Trust nor the Trustee are part of the Westpac Group. Westpac provides administrative support, skilled volunteering, and funding for operational costs of Westpac Scholars Trust.
3. Westpac Foundation is administered by Westpac Community Limited (ABN 34 086 862 795) as trustee for Westpac Community Trust (ABN 53 265 036 982). The Westpac Community Trust is a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient. None of Westpac Foundation, Westpac Community Trust Limited nor the Westpac Community Trust are part of Westpac Group. Westpac provides administrative support, skilled volunteering, donations and funding for operational costs of Westpac Foundation. Jobs created through the Westpac Foundation job creation grants to social enterprises are for the six months ended 31 December 2021.
4. Sustainable finance transactions include green, social, sustainability, sustainability-linked and re-linked loans and bonds.
5. Refer to 2021 Sustainability Appendix for glossary.