Westpac sets climate strategy
(24 November 2008 – Australia) Westpac has set a five year strategy on climate change to reduce carbon emissions.
Westpac’s climate change strategy outlines the bank's efforts to cement a whole-of-supply chain approach to reducing carbon emissions.
The strategy covers five key areas designed to encourage a broader response to climate change taking into account both Westpac's direct environmental impact and that of its customers.
Firstly, the climate change strategy includes an aggressive overall emissions reduction target of 30 percent by 2013, which Westpac said was a first for the financial services industry.
Westpac senior executives will share and be directly responsible for delivering initiatives to achieve this target.
Secondly, Westpac will use its position to be an advocate within the community, communicate with suppliers and customers and encourage carbon trading schemes in Australia and New Zealand.
Next, Westpac will integrate climate risk into its risk management framework, as well as increase the understanding across the business.
Westpac has also launched a Commodities, Carbon and Energy Trading team to develop product and service opportunities which support positive environmental outcomes within retail banking, institutional banking, wealth management and funds management.
Finally, Westpac will engage employees to raise awareness and help identify ways that employees can engage in addressing climate change issues.
The strategy covers five key areas designed to encourage a broader response to climate change taking into account both Westpac's direct environmental impact and that of its customers.
Firstly, the climate change strategy includes an aggressive overall emissions reduction target of 30 percent by 2013, which Westpac said was a first for the financial services industry.
Westpac senior executives will share and be directly responsible for delivering initiatives to achieve this target.
Secondly, Westpac will use its position to be an advocate within the community, communicate with suppliers and customers and encourage carbon trading schemes in Australia and New Zealand.
Next, Westpac will integrate climate risk into its risk management framework, as well as increase the understanding across the business.
Westpac has also launched a Commodities, Carbon and Energy Trading team to develop product and service opportunities which support positive environmental outcomes within retail banking, institutional banking, wealth management and funds management.
Finally, Westpac will engage employees to raise awareness and help identify ways that employees can engage in addressing climate change issues.
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