2020 Sustainability Strategy

To help our customers financially, to grow a better New Zealand

Grow New Zealanders’ financial wellbeing
Our aspiration: We want all New Zealanders to be financially secure and independent, enabling them to reach their full potential.
Take action on climate change
Our aspiration: We want to lead New Zealand’s transition to a resilient, low emissions economy that continues to grow to the benefit of future generations.
Be a responsible business
Our aspiration: We want to act responsibly throughout our business, to enhance New Zealand’s wellbeing through everything we do.

Focus area

Challenges

Our goals 2020 targets Progress FY18

Grow New Zealanders’ financial wellbeing

Increased economic participation and inclusive prosperity is beneficial to all. One in four New Zealand children live in low-income homes, which can mean lower levels of education, poorer health and higher rates of criminal offending in adulthood. Growing poverty leads to poor social outcomes, which reduces prosperity.

Grow financial capability
For our communities, our people and by integrating financial capability into everyday banking


Grow financial independence
by helping New Zealanders participate in the economy and grow their incomes.

1. 20,000 financial education workshop participants

5,527

2. Introduce new products or services to tackle financial exclusion and poverty.

New target 2018

3. Provide $300m in lending to social & affordable housing

$163m

Take action on climate change

Climate change is a major threat to our environment, economy and wellbeing. But it also presents opportunities – for new jobs, new technologies and new services. We believe the finance sector has a major role to play.

Reduce our carbon footprint
Measure, manage and report our footprint and encourage our customers, suppliers and employees to do the same


Help NZ take action on climate change
Build in climate change risk and opportunity to our lending and investment decisions, and help our customers, suppliers and employees do the same.

4. Reduce our operational emissions by 25% (2016 baseline)

14% *

5. Convert 30% of our car fleet to electric vehicles or PHeV

22% (69 EVs)

6. Provide $2 billion in lending to climate change solutions

$1.6b

Be a responsible business

New Zealand’s communities are facing challenges and the prosperity of business and society is inextricably linked.


New Zealand businesses are not as reflective of the diversity of New Zealand’s society as they should be.


Sourcing products and services from multiple geographies (within and outside of New Zealand) can create a number of environmental, social and governance sustainability challenges.

Support NZ communities

7. Raise $3 million for Westpac Rescue Choppers

$1.22m

Promote an inclusive workforce and society

8. 50% Women in Leadership

52.1%

Source our goods and services responsibly.

9. Introduce a Supply Chain Responsible Sourcing Assessment in 100% of Supplier Risk Assessments

New target 2018

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* This information contributes to Westpac Group's Sustainability Report, which follows the Global Reporting Initiative (GRI) G4 reporting framework. For full results for 2018 (which includes New Zealand), please see our Westpac Group Sustainability Performance Report.

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