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Environmental solutions

Helping find solutions to environmental challenges.

Why is this important?

Issues such as scarcity of water and arable land, providing food for a growing global population, responding to climate change and the transformation of the energy sector are changing the way natural resources are accessed and valued.

As a major financial institution, we believe we have a broad role to play in tackling these challenges in the areas where we can have the most influence.

Taking action

We are focusing on three key areas:

  • Managing carbon and environmental risk 
  • Supporting customers
  • Partnering with suppliers 
  • Reducing our environmental footprint 
  • Engaging employee

 

Initiatives in action

Westpac launches updated Climate Change Action Plan

Westpac has released its third Climate Change Action plan as part of o commitment to helping limit global warming to less than two degrees.

Find out more

Financing the transition to a Two Degree Economy

Between 2011 and 2015, Westpac increased the proportion of renewable energy financing from 45% to 61% in its total electricity generation portfolio.

Find out more

Bringing the first green bond to Australia

Westpac Institutional Bank partnered with the World Bank as joint lead manager to bring the first green bonds to the Australian domestic market.

Find out more

Our progress

How we are tracking against our measures:

Measure  2013  2014  2015 2016 2017  Target by 2017
 Provide products and services to help customers adapt to environmental challenges
Unique service offers launched (cumulative number) 2  4 4 6
9 5
 Increase lending and investment in CleanTech and environmental services
Make up to $6 billion available for lending and investment in CleanTech and environmental services ($b)1 6.4 8.0  6.1 6.2 7.0
Up to 6.0
Reduce our environmental footprint
Maintain carbon neutrality  Achieved  Maintained Maintained  Maintained Maintained  Maintained
Electricity usage in commercial and retail sites (MWh)2  172,956  169,839  165,402 155,917 144,639  154,496
Electricity efficiency /m2 in commercial and retail sites (kWh/m)2/3  200  198 193 180 169 181 
Scope 1 & 2 GHG emissions in commercial and retail sites (tonnes CO2e)2  137,374  131,393  127,608 115,484 104,369  121,884
Power Usage Effectiveness (PUE) - Australia  1.7 1.7 1.7 1.6 1.5  1.6
Office paper (tonnes)4  1,523  1,415  1,299 1,257 944  1,340
Water consumption in Sydney head offices (kL)  -  171,330  171,559 140,708 104,866 137,064 
Recycling rates in Sydney head offices (%)  55  59  61 73 75  75

1. From 2015, a higher threshold was used for green buildings, in line with property industry trends, accounting for the majority of the change from the previous year.

2. Electricity efficiency, electricity usage and GHG targets include all Australian and New Zealand commercial and retail properties only.  Excludes ATMs, stand-alone data centres and fleet.

3. Rebase-lined in 2014/2015 to align boundary and methodology used in New Zealand to be consistent with Australia.

4. Restated from 1,500 to 1,340 (5% to 15% reduction) in 2014 given original target was exceeded.