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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 2MB), 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 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.
  • Committed to source 100% of our global electricity consumption through renewable sources by 2025.
     

1 As at 30 September 2019.

2 Two years in a row. Source: IJGlobal, September 2019.


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.