Sustainability stories.

We are a carbon neutral bank.

As a services company, our emissions come from our business operations: the resources and materials that we use and the services that our suppliers provide us with to do our business. The biggest emissions for Westpac are our electricity usage in our corporate offices and branches, fuel from our fleet and air travel.

In 2008, we started measuring and reporting our greenhouse gas emissions. Since 2013, we have offset our annual emissions by buying and cancelling carbon credits (units issued by the government for the removal, reduction or avoidance of greenhouse gases) to offset our organisational carbon footprint.

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This year, we refined our measurement and reporting methodology to reflect the updates in the Ministry for the Environment 2019 guidelines. This increased the scope of what we are measuring as well as the emission factors that we use to calculate our emissions.

As a result, our overall Environmental Year 2019 carbon emissions were 16% greater than last year but still a decrease of 8% against our 2016 baseline.

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*Our other emissions are electricity transmissions and distribution line losses, private vehicles, accommodation, refrigerant, taxi, waste, rental car, diesel and LPG.

Our emissions are equivalent to:

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Due to the increased scope and to ensure we align to the Paris Agreement, we adopted a new carbon emissions reduction target of 30% absolute greenhouse gas emissions by 2025 using 2019 as our baseline. This target is in line with limiting warming to 1.5 degrees following the science-based targets approach and covers Scope 1, 2, and 3 Mandatory emissions.

United Nations Sustainable Development Goals.

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