Positive impact finance
As a major financial institution in our region, we have a responsibility to set the agenda for responsible banking and lead meaningful social progress.
One way we are achieving this is by seeking to provide banking services and financial backing to initiatives and projects that create positive societal outcomes. We call this positive impact financing.
Examples of Westpac's positive impact finance include lending to grow the stock of social and affordable housing and to back the CleanTech and environmental service sector, as well as banking services to support Indigenous Australian customers and those operating in the social sector.
During 2015, Westpac became a member of the Positive Impact Finance Working Group, established by the UNEP Finance Initiative. This group aims to promote a wide-ranging movement across the banking and broader financial sector to drive positive impact finance. Initially, the group will work to establish a set of Positive Impact Principles and create a Positive Impact Incubator where new business models and financing approaches can be tested.