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Innovative strategies with long-lasting benefits.

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Supporting the transition towards net-zero.

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Financing Australia’s switch to renewable energy.

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ESG Insights on Westpac IQ

This edition explores the bumper investment in renewables in the Federal Budget 2024-5, how energy giants are breathing new life into ageing coal-fired assets, sustainability R&D in the red meat and livestock industry, new priorities announced at the First Nations Clean Energy Symposium, and more.

This month we report on the looming deadline for large corporations and asset managers to prepare for mandatory climate reporting in Australia, Queensland’s new legislation with ambitious targets for carbon emissions and renewable energy, plus the faster focus on nature-based that’s coming from corporates and government, and more.

This month we bring you positive indicators for an increase in appetite for large-scale renewable energy projects, a breakthrough likely to expand solar cell production across different sectors of the economy, and developments in a new scheme for soft plastics recycling in Australia, and more.

Sustainability news

In 2016, Austral Fisheries took the bold step of going carbon neutral – not an easy task in an industry that relies on giant diesel-powered vessels. CEO David Carter talks about the inspiration behind the move.

Challicum Hills wind farm in Victoria, which began operation in 2003, was Australia’s first commercially funded renewables project. It established a framework for financing in the sector which continues to have relevance today.

Westpac has announced a range of new targets in support of the transition to a net-zero economy by 2050. Chief sustainability officer Siobhan Toohill explains how the targets will reinforce the bank’s broader 2030 Sustainability Strategy.

Environmental news

ACEN Australia has an ambitious pipeline of renewable energy projects across multiple technologies, positioning it to be a key player in the country’s clean energy transition.

An innovative battery energy storage system in southwest New South Wales is designed not only to back up variable wind and solar power, but also replicate the role of coal power stations in providing grid stability and strength.

Luxury brand Louis Vuitton’s move to team up with a conservation charity to help protect biodiversity in Cape York in Far North Queensland is part of a growing trend towards big companies supporting “nature-positive” solutions.

Things you should know

Westpac Institutional Bank’s financing exposures are not limited to green and sustainable financing. For more details of Westpac Institutional Bank’s financing exposures, please see our latest presentation and results (PDF 5MB). Copyright 2024 Westpac Banking Corporation.

Westpac Institutional Bank is a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714. This product is available only to wholesale clients within the meaning of s761G of the Corporations Act 2001. You should consider whether or not this product is appropriate for you. Terms and conditions apply. Copyright 2024 Westpac Banking Corporation.