Westpac has announced ambitious targets to reduce its Scope 1 and 2 emissions by 76% and selected upstream Scope 3 emissions by 50% by 2030, as part of its commitment to becoming a net-zero, climate resilient bank. The targets are measured in metric tonnes CO2 equivalent (tCO2-e) using a market-based accounting approach.
Material actions and disclosures
Westpac has made significant progress towards its 2030 targets, with Scope 1 and 2 emissions 86% below the baseline and selected upstream Scope 3 emissions 47% below the baseline. The bank has continued to support low operational emissions through renewable electricity sourcing and fleet electrification, including maintaining renewable electricity sourcing equivalent to 96% of its global electricity demand and transitioning 76% of the Australian and 97% of the New Zealand vehicle fleets to hybrid or electric vehicles.
Westpac is also engaging suppliers to electrify operations and source renewable electricity to support further reductions. Additionally, the bank is strengthening climate risk assessments to identify areas of operations exposed to acute and chronic climate hazards, providing insights into location-specific risks, operational dependencies, and business continuity requirements.
Forward commitments
Westpac aims to continue investing in energy, infrastructure, and low-carbon technologies to support customer transition and strengthen resilience to physical climate risks through lending and bond facilitation. The bank also plans to direct finance towards activities that reduce emissions and support customer transition.
Westpac’s Climate Transition Plan (CTP) outlines the actions the bank is taking across three focus areas: net-zero, climate resilient operations; partnering with customers to decarbonise; and supporting customers’ physical resilience.
These initiatives reflect Westpac’s commitment to financing the transition to net-zero while maintaining energy security and resilience, supporting the transition to net-zero while balancing energy security, reliability, and affordability.
Westpac acted as a joint green loan coordinator to help Vena Energy secure approximately $1.4bn in green financing facilities to support solar and battery storage projects, further demonstrating its commitment to renewable energy projects.