SUSTAINABLE FINANCE

Our position

As a major financial institution, we recognise the role we can play to help create and enable positive sustainability outcomes across climate, environmental and social objectives through our approach to sustainable finance. We have published our approach in our Sustainable Finance Framework.

Our approach

The aim of our Sustainable Finance Framework (PDF 4MB) (Framework) is to help us provide lending and bond facilitation activities that contribute to positive climate, environmental and social outcomes. The Framework aims to provide clarity on what is considered sustainable, to support our people and customers as they target sustainable finance. In so doing, we can better support customers in their transition to net-zero and be their transition partner of choice.

Our Framework

• Details how we consider sustainable finance transactions and classify them as Green, Transition, Social or Sustainability, using our Sustainable Finance Taxonomy or industry standards, principles and guidance to guide this classification
• Is accompanied by Westpac’s Sustainable Finance Targets (Targets) – the amount of qualifying sustainable lending and bond facilitation we are seeking to achieve.
   

Our initial views, challenges and considerations in developing our approach, particularly in developing a sustainable finance taxonomy, is outlined in our 2022 discussion paper (PDF 285KB).

How we’re taking action

Our Sustainable Finance Targets are to provide by 2030 a set amount of:

• Lending activities that qualify under our Sustainable Finance Framework for inclusion in our Targets
• Bond facilitation activities that qualify for inclusion in our Targets.

These Target amounts are set out in our Sustainability Strategy and Climate Transition Plan (PDF 3MB) and may be updated periodically. Progress against our Targets will be measured and reported with our financial year end disclosures.

Our progress

We seek to report regularly to help stakeholders compare our relative performance over time.

Find out more in our Annual Report and sustainability performance reports.