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Climate change and environmental issues

Our commitment to action on climate change

We recognise that climate change is one of the most significant issues that will impact the long-term prosperity of the economy and our way of life.
 

We are committed to managing our business in alignment with our support for the Paris Climate Agreement and the need to transition to a net zero emissions economy by 2050. This includes how we provide financial services, support communities, operate our facilities, engage on matters of policy, and contribute to industry initiatives.
 

We first began measuring and reporting on climate-related metrics in 1996 and released our first climate change position statement in 2008. Our Climate Change Position Statement and 2023 Action Plan (PDF 1MB), our fourth update to the plan, lays out our principles and priority actions.


Our Principles

  1. A transition to a net zero emissions economy is required by 2050.
  2. Economic growth and emissions reductions are complementary goals.
  3. Addressing climate change creates opportunities.
  4. Climate-related risk is a financial risk.
  5. Collective action, transparency and disclosure matter.

Our Action Plan

  1. Help customers and communities respond to climate change.
  2. Improve the climate change performance of our operations.
  3. Support initiatives and policies to achieve the goals of the Paris Agreement.

 Our targets

  • New lending to climate change solutions - $3.5bn to 2023 and $15bn by 2030.
  • Reduce lending to thermal coal mining to zero by 2030.
  • Reduce emissions intensity of lending to electricity generation sector to 0.23tCO2-e/MWh by 2023 and 0.18tCO2-e/MWh by 2030.
  • Reduce Scope 1 & 2 emissions by 85% by 2025 and 90% by 2030 against a 2016 baseline.
  • Reduce Scope 3 Supply Chain emissions by 35% by 2030 against a 2016 baseline.
  • Committed to sourcing the equivalent of 100% of our global electricity consumption through renewable sources by 2025.
  • Maintain carbon neutrality under the Climate Active Standard for Organisations.
  • Reduce water consumption in Australian workplaces by 15% by 2025 against a 2020 baseline.
  • Recycle 80% of waste from Australian commercial sites by 2025 and 85% by 2030 against a 2020 baseline.

Our progress1

  • Largest lender to new renewable energy projects in Australia2.
  • Renewables now represent over 75% of our lending to the electricity generation sector, up from 59% in 2016.
  • We provide regular updates on our progress in our Performance Reports
     

1 As at 30 September 2020.

2 Three years in a row. Source: IJGlobal, September 2020.


Our plan in action

Helping customers and communities respond

Westpac has partnered with Local Government Super on Australia’s first green loan developed for the superannuation sector. 

Improving the climate change performance of our operations

Bomen Solar Farm in Wagga Wagga is key to delivering Westpac’s commitment to source 100% of its electricity from renewable sources by 2025.

Supporting initiatives and policies to achieve the goals of the Paris Agreement

Westpac is a founding bank and signatory to the UNEP FI Principles for Responsible Banking. 

Our Position Statement

PDF Climate Change Position Statement and 2023 Action Plan 

Sustainability news

Head to the Sustainability Newsroom to find out more about our climate change commitments in progress.

Global commitments and partnerships

Through global and regional commitments and partnerships we collaborate with other leaders to create positive change.