Care for the planet, care for people and grow financial wellbeing.

Manaaki te ao, manaaki te tāngata, e tipu pūtea ora.

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Westpac NZ 2020 Sustainability Report.

We are taking action today to create a better future for the people who bank with us, work with us, invest in us or are part of our broader communities. We believe business should be a positive force in society. If Aotearoa thrives, we thrive.

Businesses should also help solve big problems and bring resources and a different lens to the challenges we face. Our commitment is to help Aotearoa take action on climate change, support our people and communities and lift financial wellbeing.

Those ideas sit at the heart of our strategy and align with the purpose of Westpac New Zealand – to ignite financial possibilities.

Download summary report.

Our sustainability strategy.

Manaaki te ao.

Care for the planet.

Our aspiration: We want to lead the transition for Aotearoa to a resilient, zero-carbon economy that thrives for the benefit of all Kiwis.

Our carbon footprint.
Help Aotearoa take action on climate change.

Our carbon footprint.

Measure, reduce and report our footprint and encourage our customers, suppliers and employees to do the same.

Target:

Reduce our operational emissions by 30% (2019 baseline) by 2030.

Our progress:

19% decrease since 2019.

Target:

Convert 100% of our car fleet to electric vehicles or plug in hybrids by 2025.

Our progress:

34% of EVs.

Key activities/initiatives:

  • Became the first Toitū carbonzero certified bank in Aotearoa. Achieved certification for the second year running.

Electricity:

  • Reduced electricity consumption by 20.6% since 2015.
  • Solar panels on our Christchurch corporate office.

Waste and circular economy:

  • Toitū Te Whare modular branches, designed for sustainability.
  • Six-bin sorting system in corporate offices, 3 bins at sites and offices nationwide. 121,074 kgs of waste diverted from landfill.
  • 36 worm farms on corporate sites.
  • Beehives at our Auckland corporate office.
  • On site vegetable gardens for our cafes.
  • Cup-cycling system in Auckland and Christchurch corporate offices.
  • Waste education sessions.
  • Engaging with café suppliers to reduce waste from deliveries.

Travel:

  • Converted 34% of our vehicle fleet to electric vehicles and plug-in hybrids.
  • Encouraging increased use of technology to reduce business travel.

Paper:

  • Switching off paper statements.
  • Phasing out cheques.

Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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Help Aotearoa take action on climate change.

Build in climate change risk and opportunity into our lending and investment decisions, and help our customers, suppliers and employees take action on climate change.

Target:

Provide $2 billion in lending to business customers for climate change solutions by 30 September 2020.

Our progress:

$1.6 billion lending to climate change solutions

Key activities/initiatives:

Customers:

  • Partnership with CoGo, an app that makes sustainable and ethical living easy. Westpac NZ has partnered with CoGo to incorporate a new real-time carbon footprint tracker in the app.
  • Launched Westpac Warm Up, helping our customers make their homes healthier and energy efficient. As at 30 September 2020, 2,531 customers have applied for the loan, with a total of $14.45m drawn down.

Business customers:

  • Since 2012 we have reduced our lending to fossil fuel mining and production by 60%.
  • In January 2020, Westpac NZ and Contact Energy announced a $50 million, four-year sustainability-linked loan facility, the first such loan issued by Westpac NZ and one of the first of its kind in Aotearoa.
  • In August 2020, Meridian Energy launched its Green Finance Programme with the help of Westpac NZ's Sustainable Finance Team. The programme covers all of Meridian's $1.8b in debt instruments, including converting Meridian’s existing retail bonds to green bonds.
  • In October 2020, Westpac NZ was awarded the INFINZ Award for Excellence in Institutional Banking for Leading and Accelerating Sustainable Finance.

Investment / Funds management:

  • BT Funds Management (NZ) Limited (BTNZ), the funds management arm of Westpac NZ, responsible for Westpac KiwiSaver Scheme, was recognised for its strong Environmental, Social and Governance (ESG) performance.

Climate risk:

  • Completed a scenario analysis to better understand the Bank’s exposure to climate risk and sea level rise. This will be disclosed in line with the recommendations of the Taskforce for Climate-Related Financial Disclosure in late November, 2020.


Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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Manaaki te tāngata.

Care for people.

Our aspiration: We want to help create thriving communities and a workforce and society where everyone feels valued.

Thriving communities.
Responsible supply chain.
Inclusive workforce.

Thriving communities.

We want to help create thriving communities and a workforce and society where everyone feels valued.

Target:

Raise $3m for Westpac Rescue Choppers from 2018 - 2020.

Our progress:

$3.13m raised for Westpac Rescue Choppers.

Key activities/initiatives:

Supporting our communities:

  • $651k fundraised by Westpac employees and the community in the annual Chopper Appeal for the Westpac Rescue Helicopters in 2020.
  • Donated additional $1m to Westpac Rescue Helicopters in 2020 due to funding shortfall from COVID-19.
  • $7.5m invested in Aotearoa communities overall, including:
  • $36k donated in charitable donations.
  • $40k donated via employee gift matching to 56 charities through Givealittle.
  • $6,078 raised by employees for Middlemore Foundations Jammies in June campaign.
  • More than 1,000 office/furniture items weighing over 52 tonnes. distributed to the community through All Heart NZ.

Employees:

  • 7,500 hours volunteered in our local communities.
  • 23% of our employees volunteered.


Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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Responsible supply chain.

Key activities/initiatives:

Getting the basics right:

  • Sustainability requirements continue to be integrated into key procurement policies and processes.
  • Responsible sourcing programme updated to include modern slavery risk.

Waste:

  • Replaced envelopes’ plastic windows with paper-based windows – reducing plastic content of nine million envelopes.

Supplier diversity:

  • Sourced 7,904 lunches from Eat My Lunch during lockdown for Wellington employees.
  • Pilot a circular economy approach with social enterprise Will&Able – purchase of cleaning products as well as collecting milk bottles from two corporate offices to be recycled into bottles for eco-cleaning products packaged by people with disabilities.


Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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Inclusive workforce.

We want to help create thriving communities and a workforce and society where everyone feels valued.

Target:

Maintain 50% Women in leadership.

Our progress:

50.4% Women in leadership.

Key activities/initiatives:

Gender:

  • Committing to publishing an annual gender gap analysis – 29.1% as at 30 September 2020.
  • Continued to support Global Women with our CEO a member of Champions for Change group and offering programmes (Breakthrough and Activate) to develop opportunities for women in leadership.
  • Awarded the Gender Tick.

Rainbow community:

  • Seven years Rainbow Tick accredited.
  • Platinum sponsor of the Rainbow Excellence Awards.

Cultural inclusion:

  • School leavers programme with Māori and Pasifika.
  • Scholarships through Te Waiu O Aotearoa Trust to promote, develop and provide education and advancement of Māori within the banking and finance industry.

Accessible banking:

  • First bank to achieve the Accessibility Tick.
  • A number of our standard ATMs are ‘Talking ATMs’ to listen to audio cues in order to help with transactions.
  • Braille labelling provided on ATM machines.
  • Bi-lingual signage including te reo Māori.

Supporting our employees:

  • Investing in our employees’ professional development and signed up to the Aotearoa Skills Pledge.
  • Leave Loudly flexible working policy to encourage work/life balance.
  • Our ‘We Care’ fund provides financial assistance to Westpac employees and their dependent family members in times of financial hardship.


Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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E tipu pūtea ora.

Grow financial wellbeing.

Our aspiration: We want all Kiwis to be financially secure and independent, enabling them to reach their full potential.

Grow financial capability.
Grow financial independence.

Grow financial capability.

Provide financial education and help our customers grow their financial capability.

Target:

Facilitate financial education workshops to 20,000 participants from 2018-2020.

Our progress:

20,434 number of participants.

Key activities/initiatives:

Financial education:

  • 172 total workshops made up of:
    • 3,931 total participants.
    • 1,803 total student participants (primary to tertiary).
    • 219 Medical Assurance Society participants. Those that have joined one of our online classes have actively engaged with their bank to make changes or sought further financial advice.
  • Partnership with MyMahi, a wellbeing app for students and teachers where content is provided by specialists and then turned into lessons (50% of all Aotearoa high schools use My Mahi). Four financial education lessons are included.
  • New Start programme – working with the Department of Corrections education providers to co-create Train the Trainer content so prisoners can receive financial education prior to release.


Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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Grow financial independence.

Help Kiwis participate in the economy and grow their wealth.

Target:

Provide $300m in lending to social and affordable housing.

Our progress:

$280m lent to social and affordable housing

Target:

Introduce new product or services to tackle financial exclusion and poverty.

Our progress:

One initiative complete - Bank accounts for released prisoners. One initiative in progress.

Key activities/initiatives:

Financial independence:

  • Westpac collaborated with the Ministries of Corrections, Social Development and Justice, and NZ Police on the New Start initiative to ensure that when prisoners are released they have a valid ID, bank account, a debit card, and can access online banking.
  • Hosted the Inclusive Growth Symposium with MasterCard which was attended by over 100 key stakeholders across the private, public and non-profit sectors.
  • Partnering with Iwi to launch contemporary papakāinga shared equity housing developments.
  • Westpac is the first dementia friendly bank in Aotearoa to support the two out of three Kiwis affected by dementia. We’ve continued our partnership with SeniorNet to further support Kiwis to become more digitally active.
  • The Innovation Fund is a joint initiative by the government and Westpac, providing funding and expertise to champion innovative ideas and opportunities that will make a difference for all Kiwis.


Our targets contribute to United Nations Sustainable Development Goals (SDGs).

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What’s next?

Our commitment is manaaki te ao, manaaki te tāngata, e tipu pūtea ora, and this will be at the core of our upcoming 2025 Sustainability Strategy, to be launched early next year. This strategy continues our commitment to helping Aotearoa take action on climate change, supporting people and communities and lifting financial wellbeing.

Our 2020 highlights.

Helping Kiwis make their homes healthier and energy-efficient.

Learn More

First Toitū carbonzero certified bank in Aotearoa.

Learn More

Helping Kiwis manage their money.

Learn More

Supporting our communities through COVID-19.

Learn More
Our challenge as a country is to face into climate change, inequality and social exclusion with the same resilience and energy with which we’ve worked to contain COVID-19.

A message from our CEO David McLean.

Read more

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