Westpac New Zealand Economic and Sustainability Strategy Update
Our sustainability strategy
Sustainability
Priorities
Qo
Manaaki te ao
Care for the planet
What
We want to support
Aotearoa's transition to a
resilient, net-zero economy
for the benefit of all Kiwis
2025 Targets
Reduce operational emissions by 30%
(vs 2019)1. Offset remaining emissions to be
carbon neutral
•
Enable $10b in sustainable Finance²
•
Reduce climate-related financial risks
Manaaki te
tāngata
Care for people
E tipu putea ora
Grow financial
wellbeing
7
SETAN INTOCY
11
13
ACTION
We want to help create
thriving local communities
and a workforce and society
where everyone feels valued
10
1 POVERTY
GENDER
EXUALITY
DECENT WORK AND
10 REDUCED
PEQUALITES
We want to enable all Kiwis
to be financially secure and
independent
POVERTY
DECENT WORK AND
8 CONUNGGROWTH
10
M
INEQUALITIES
11
AND COMMUNTIES
•
•
•
Set a cultural diversity in leadership target by
2021
1% pre-tax profits invested in communities
$700m in lending to healthy, affordable and
social housing³
25,000 people to participate in Westpac-
facilitated financial education workshops
Help 15,000 Kiwis who are at risk of financial
exploitation & exclusion
Source 25% of supplier spend from local
businesses, including those owned by diverse
and under-represented groups
1 Environmental year runs 1 July to 30 June. CO2e results include all Westpac business units based in New Zealand.
Progress and 1H21 Highlights
Operating emissions reduced by 38%
•
Enabled $2.25b in sustainable finance
•
Partnered with app CoGo to help New Zealanders learn about, reduce and
offset their carbon footprint
Recognised as New Zealand Sustainability Debt House of the Year
(KangaNews 2020 Awards) and won the INFINZ award for Excellence in
Institutional Banking for Westpac's role in leading and accelerating
sustainable finance
Published Westpac NZ's inaugural Climate Risk Report in line with the
recommendations of the Taskforce for Climate-Related Financial Disclosure
(TCFD)
0.52% ($3.8m) pre-tax profits invested in communities
$373m in lending to healthy, affordable and social housing
First bank to offer face-to-face sign language interpreters, through partner
iSign to customers who are deaf, hard of hearing or speech impaired
Published our second gender pay analysis. Our overall gender pay gap in
2020 is 29.1% vs 30.3% in 2019. This figure compares the pay of the median
man and median woman at Westpac NZ, and includes base salary, bonuses,
overtime, miscellaneous payments and superannuation
More than 8,000 participants in Westpac-facilitated financial education
workshops
MyMahi partnership delivering 226 financial education workshops to
secondary school students across New Zealand
Increased online financial education classes. To date more than 1,000 people
have participated in online classes (169 in FY20)
2 This target comprises (a) $5b for lending to climate change solutions, $700m lending for healthy, affordable and social housing, and other environmental, social, and sustainability-linked lending
(building on FY20 exposure), and (b) facilitation of sustainable bonds from 1 October 2020 to 30 September 2025. All lending will meet the eligibility criteria set out in international sustainable finance
principals. Our targets are a total commitment, measuring the cumulative flow of capital that will support Aotearoa to become a thriving, inclusive net-zero emissions economy.
3 This is a cumulative target and includes Kiwibuild and shared equity.
Co
6View entire presentation