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Climate change.
We're committed to helping New Zealand take action on climate change.
Climate change is already impacting homes, businesses and communities in Aotearoa New Zealand. We support the transition to an inclusive, low-emissions and climate-resilient future for all. We are helping our customers navigate these challenges by supporting households and businesses to become more resilient through education, insights, products and services.
Our journey to date.
Since 2008, Westpac NZ has been committed to the transition to a lower emissions economy, starting with a focus on reducing emissions within our own operations.
Over time, we have expanded our efforts to understand the emissions of our customers, recognising the importance of supporting them in their own emissions reduction efforts and helping them build resilience to a rapidly changing climate. This has included setting up a dedicated ESG advisory team and developing financial products and insights designed to help support the transition to a low-emissions, climate-resilient economy.
Our climate approach.
Our journey is ongoing, and we are dedicated to continuous improvement and transparency. Last year we shared our Climate Transition Plan (CTP) in the 2024 Westpac NZ Climate Report.
Our CTP helps guide the way we conduct business, support customers and engage with stakeholders. It outlines how we are responding to our climate-related risks and opportunities and incorporates Westpac NZ's actions to implement the Westpac Group Climate Change Position within an Aotearoa context. It includes our short- and medium-term targets and actions for how we will work towards achieving our longer-term ambitions.
Our goal in transition planning is to help our bank and the customers and communities we serve to be prepared for the impacts of climate change. This includes ensuring our lending, procurement and internal investment is in the right place. We are also positioning ourselves and supporting customers to seize the opportunities presented by the transition to a low-emissions, climate-resilient economy.
This year, we reviewed and updated the CTP to incorporate new risks and opportunities uncovered in this year’s scenario analysis exercises and to align with the newly developed Westpac Group CTP where appropriate. The refreshed Westpac NZ CTP continues to have the same ambition and focus areas but with new pillar names and clearer details on our objectives and what we will do to achieve them.
Westpac Group’s CTP is broadly relevant to Westpac NZ, however we operate within a different national context, shaped by different challenges, regulations and priorities. Read Westpac Group’s Climate Transition Plan (PDF).
Aligned to our enterprise purpose of Taking action now to create a better future, our climate action is driven by the Westpac NZ Sustainability Commitment to power a sustainable New Zealand by enabling an inclusive, low-emissions and climate-resilient future for all.
Interconnection with nature and human rights.
Climate change, human rights, and natural capital are deeply interconnected. As ecosystems degrade and climate impacts intensify, vulnerable communities face greater risks to health, livelihoods, and cultural heritage.
Protecting natural capital such as our soils, water and biodiversity, is critical to climate resilience. These natural systems regulate our climate, store carbon and buffer us from climate shocks. Their degradation can accelerate climate impacts and undermines the rights of people to live in safe, healthy environments.
Addressing these challenges together makes sure that climate action is inclusive and creates long-term prosperity for Aotearoa.
Read more about our approach to nature and human rights.
Our Climate Transition Plan.
The Westpac NZ Climate Transition Plan addresses our climate-related risks and opportunities, under three pillars.
Our progress.
Our climate metrics are detailed in the Westpac NZ Climate Report and the ESG Dashboard.
Our progress against the CTP and targets will be published annually in the Westpac NZ Climate Report.
Our governance.
Westpac NZ’s governance structures for managing climate-related risks and opportunities are discussed in the Governance section of the Westpac NZ Climate Report.
Helping our customers.
Westpac Greater Choices Home Loan
Helping you create a warmer, drier, healthier and more energy efficient home life.
Sustainable Business Loan
Supporting Aotearoa businesses to progress their sustainability journey.
Sustainable Farm Loan
Helping farmers to accelerate sustainability across all aspects of farming.
Sustainable Equipment Finance Loan
Helping businesses fund sustainable equipment.
Sustainable finance
Providing innovative finance solutions to support a low-emissions economy.