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Disclosing our indirect climate change exposure

We know that how we assess and disclose our indirect exposure to climate change and environmental risk is an ongoing area of stakeholder concern.  We are committed to regular, transparent reporting to enable stakeholders to compare our relative performance over time.

We are progressively expanding our disclosures to be more transparent about the results of these processes and provide greater insight into how we are tracking.

The new disclosures we have introduced in the past few years have included:

  • Westpac Group's lending profile categorised by industry classification.
  • A breakdown of our mining sector exposures by ANZSIC category.
  • A breakdown of our CleanTech and environmental services lending profile.
  • The emissions intensity of our Infrastructure and Utilities portfolio.
  • An analysis of the carbon intensity of 42 investment options across our retail and corporate superannuation products.
     

We are also proposing to enhance our Equator Principles disclosures to provide more information on transactions closed during the year and will publish selected case studies on our website.

We engaged in collaborative discussions on the issue of increased disclosure with organisations such as the Australian Centre for Corporate Responsibility, Ethinvest, Australian Ethical and the Investor Group on Climate Change. We actively participated in the global project to develop the Greenhouse Gas Protocol Financial Sector Guidance, an industry standard for reporting on carbon risk exposure in asset portfolios and financed emissions, led by the United Nations Environment Programme Finance Initiative (UNEPFI) and the World Resources Institute Greenhouse Gas Protocol. This project is continuing in 2015. We are also working cooperatively with regional institutions to develop a standardised approach to reporting Australian and New Zealand financed emissions.

This will enable stakeholders to more easily compare our relative exposures to different sectors and, over time, to track our progress in supporting a responsible transition of our economy from a reliance on fossil fuels to low carbon and renewable energy sources. We will continue to review our reporting to ensure we are meeting investor and stakeholder disclosure requirements.

 

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