$9bn sustainable lending target by 2027
Westpac New Zealand has unveiled updated sustainability targets for 2027, focusing on sustainable lending, affordable housing, and community investment.
The bank aims to increase sustainable lending to $9 billion, provide $1 billion to support affordable housing solutions, and invest $30 million in community initiatives over the next three years.
“These commitments underscore our intent to support a better future for our customers and communities,” said Westpac NZ CEO Catherine McGrath (pictured above).
“We’re focused on helping businesses transition to a low-emissions economy, supporting homeownership, and fostering positive community outcomes.”
Key sustainability goals
Westpac NZ’s updated commitments include:
- Increasing sustainable lending to $9 billion, up from the current $7 billion
- Adding $1 billion in lending for affordable housing solutions
- Investing $30 million in community initiatives, including 100,000 hours of employee volunteer leave
- Reducing operational and financed emissions in alignment with a 1.5˚C pathway.
- Delivering 40,000 financial wellbeing interactions through education workshops and tailored customer care
“These new targets reflect areas where we can make a meaningful impact,” McGrath said. “Our $9 billion sustainable lending goal demonstrates our ambition to support businesses and farmers in reducing emissions and improving climate resilience.”
Focus on affordable housing and community impact
Westpac NZ is dedicating $1 billion to affordable housing, a growing concern for many New Zealanders.
“Homeownership is a major challenge for a growing group of Kiwis,” McGrath said. “We’ll work with community housing providers, iwi groups, and innovative solutions to help first-home buyers.”
The bank also encourages employees to engage in volunteering.
“We want our team to contribute 100,000 hours to causes over the next three years,” McGrath said.
Partnerships with organisations like rescue helicopters, NZ Landcare Trust, and BLAKE Trust will remain a priority.
Highlights from Westpac’s 2024 sustainability report
The annual Sustainability and Climate Reports detail progress toward the bank’s environmental and social goals. Key achievements include:
- Raising $1.45 million for rescue helicopters
- Transitioning 97% of its vehicle fleet to electric or plug-in hybrid.
- Issuing $3.58 billion in Sustainable Farm Loans since mid-2023
- Providing $600 million through Sustainable Business Loans
- Logging 35,000 hours of employee volunteer leave
“We know there’s plenty more to do, but we’re committed to supporting Aotearoa’s transition to a low-emissions, inclusive society,” McGrath said.
Westpac NZ continues to lead by example, driving impactful initiatives that address pressing environmental and social challenges in New Zealand.
See the Westpac NZ announcement here.
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