What we are doing
Long term commitment
Finding solutions to environmental problems has been a priority for Westpac for many years. We were the first bank to publish an environmental policy in 1992 and have been measuring and reporting on our environmental impacts since 1996.; In 2008, we published our first Climate Change Position Statement and Action Plan against which we reported progress in our 2014 Climate Change Action Plan Progress Report.
Current action plan
Our current program of work is guided by our:
This includes our thinking on the current and emerging global environmental challenges facing our business operations, customers and the markets and communities in which we operate. It also sets out the actions we are taking to help our customers and communities transition to a net zero emissions economy.
Summary of key achievements
- Lending to CleanTech and environmental services sector reached $6.2bn at 30 September 2016
- Between 2011 and 2016, proportion of total electricity financing portfolio directed to renewable energy generation increased from 45% to 60%
- Achieved carbon neutrality across our Australian operations in 2013 and have remained carbon neutral since
- Total direct greenhouse gas emissions reduced by 9.9% during the 2016 financial year
- Joint lead manager to the first green bond issued (by the World Bank) to the Australian market
- Westpac Climate Bond issued May 2016 raised $500 million to fund renewable energy facilities and low carbon commercial properties.
- Released a new Climate Change Position Statement and 2020 Action Plan in April 2017
- St.George branch Barangaroo became Australia’s first retail fitout to achieve six star Green Star recognition, joining other Westpac Group sites in Sydney and Melbourne to achieve this status.
Detailed commentary and metrics on our performance can be accessed in our: