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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

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.

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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.

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Investing in CleanTech and environmental services

Westpac's lending to the CleanTech and environmental services sector reached $6.1 billion at 30 September 2015, ahead of its 2017 target.

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Top global eco-efficiency ratings

Westpac's Singapore office was one of the region's first tenancies to be awarded the highest Platinum rating by Leadership in Energy & Environmental Design (LEED).

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Our progress

How we are tracking against our measures:

Measure  2013  2014  2015  Target by 2017
 Provide products and services to help customers adapt to environmental challenges
Unique service offers launched (cumulative number) 2  4 4 5
 Increase lending and investment in CleanTech and environmental services
Make up to $6 billion available for lending and investment in CleanTech and environmental services by 2017 ($bn) 3.6 8.0  6.11 Up to 6.0
Reduce our environmental footprint
Establish and maintain carbon neutrality  Achieved  Maintained Maintained  Maintained
Electricity usage in commercial and retail sites (MWh)2  172,956  169,839  165,402  154,496
Electricity/m2 in commercial and retail sites (kWh/m2)3  200  198 193 181 
Total greenhouse gas emissions in commercial and retail sites (tonnes CO2e)2,4  137,374  131,393  127,608  121,884
Power usage effectiveness (PUE)  1.7 1.7 1.7  1.6
Office paper (tonnes)  1,523  1,415  1,299  1,340
Water consumption in Sydney head offices (kL)2  -  171,330  171,559 137,064 
Recycling rates in Sydney head offices (% of waste)  55  59  61  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. New measure introduced in 2015.
3. Rebased in 2015 to align boundary and methodology used in New Zealand to be consistent with Australian.
4. Relates to scope 1 and 2 emissions.