WBC - Westpac

 

Westpac is the leader of Australian Banks as far as both disclosures and policy about climate change.  For this reason ACCR did not seek to move a resolution at the Westpac AGM.  ACCR attended the AGM and asked when Westpac would start disclosing the carbon intensity of its wealth management investments as its Annual Report reveals that it has asked Trucost to evaluate some of it already.  The chairs answer was non committal.

Westpac Policy

Westpac has a comprehensive policy about Climate Change.  This policy recognizes the international agreement to work towards limiting global warming to 2 degrees although it does not explicitly adopt it.  There is an update for the 2014 AGM here.

Westpac reporting as part of the 2014 AGM.

Westpac provides more information about the greenhouse gas emissions it finances than any other Australian bank.  However along with the other banks it gives no information about its wealth management activities. These are probably larger than its lending.

It does provide information (page 6 which includes more explanations) about where it lends money. 

Infrastructure and utilities portfolio emissions intensity (tCO2e/MWh)

 

2014

2013

Westpac financed

 0.41

 0.44

Benchmark National Energy Market

0.87

 0.87

Infrastructure and utilities financing – Australia & NZ

 

2014

2013

2012

2011

2010

Total attributable financing ($m)

3,197

3,097

 2,727

2,565

2,467

Renewable (%)

28.4

24.0

 24.5

 20.5

17.4

Brown coal (%)

 4.0

4.5

5.2

 11.9

12.0

Black coal (%)

15.6

16.2

20.8

 22.3

16.7

Gas (%)

20.4

23.6

21.6

20.4

19.6

Liquid fuel (%)

1.4

 0.8

 0.7

0.2

 0.2

Hydro (%)

30.2

 30.9

27.2

24.7

34.2

  Lending to mining – Australia & NZ

 

2014

2013

Total lending to mining ($m)

 5,019

 3,972

Total natural resources lending ($m)

 7,578

 6,160

Coal mining (%)

 7.6

9.6

Oil and Gas extraction (%)

 26.0

26.0

Metal Ore Mining (%)

 32.5

29.0

Exploration (%)

 -

 -

Other activities (%)

33.8

35.5


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