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
- Released our third Climate Change Position Statement and Action Plan, including a target for lending to climate change solutions of $10 billion by 2020 and $25 billion by 2030.
- Increased the proportion of renewable energy financing from 45% to 65% between 2011 and 2017 in the total electricity generation portfolio.
- Launched industry-first sustainability scoring capability to BT Panorama, showing how investments on the ASX200 and over 200 managed funds rate on environmental, social and governance factors.
- Issued offshore currency Climate Bond for US$50 million, a first among the Australian banks.
Detailed commentary and metrics on our performance can be accessed in our: