Westpac recognises that climate change is a major threat to our environment, economy and wellbeing. It also presents opportunities – for new jobs, technologies and services. The finance sector has a major role to play in helping New Zealand transition to a low carbon economy.
Find out more about how we are ‘Taking Action on Climate Change’.
Supporting the Zero Carbon Bill.
Westpac NZ supports urgent action on climate change. The Zero Carbon Bill is the major driver of the country’s response to the Paris Agreement and to the global climate change challenge. The Bill establishes a foundational framework for this government, and for successive governments, to set necessary and transparent long-term targets, budgets, plans, and accountability into a critical transformation on which our economy must embark with urgency. See Westpac NZ’s full submission here.
Committed to the Climate Leaders Coalition.
Westpac is one of 60 NZ companies committed to measuring and reporting our own greenhouse gas emissions, and working with suppliers to reduce emissions. Westpac is on the leadership group of 13 companies, which wrote the founding statement in 2017. Visit the Climate Leaders Coalition website for more information.
Lending to green businesses
Since 2012 we have lent $1.5 billion to businesses that reduce negative environmental impacts including renewable energy, green buildings, forestry, low carbon transport and waste reduction. Our 2020 target commits us to making up to $2 billion available to environmental solutions.
Westpac NZ climate change impact report
The research, commissioned by Westpac and carried out by EY and Vivid Economics, finds New Zealand could be $30 billion better off if early and consistent action is taken to help keep global warming to less than two degrees Celsius. Find out more.
Reducing Fossil Fuel investment
Westpac is the only New Zealand bank to publish its exposures to both the fossil fuel and the clean technology and environmental services (CleanTech) sectors.
Environmental products and services
Westpac was the first institution to make a market under the New Zealand Emissions Trading Scheme (NZETS). By market-making for New Zealand Carbon units (NZUs), we help New Zealand to meet its emission reduction targets at the lowest possible cost. Because we make the market, there’s better liquidity of NZUs and more price transparency – so we are reducing costs for buyers and sellers across the market.
Our Energy Efficient Lease product can be used to fund our customers’ energy efficiency projects, helping to reduce their energy costs and carbon footprint.