Carbon neutral.

Aotearoa’s first Toitū carbonzero certified bank.

Westpac proudly become Aotearoa’s first Toitū carbonzero certified bank this year. We’re actively reducing our emissions in line with the Paris Agreement, and offsetting the remainder by purchasing native permanent forestry carbon credits. This means we’re helping grow a cleaner, healthier Aotearoa.

Westpac’s carbonzero certification.

We started our environmental journey back in 2008 where we began measuring and reporting our carbon emissions.

To make sure we are following best practice and are aligned to the Paris Agreement, we partnered with Toitū Envirocare in 2019 to improve the efficiency, accuracy and integrity of our emissions management and reporting process. Toitū Envirocare helped us set targets grounded in science aimed at keeping the increase in global average temperature to below 1.5˚C above pre-industrial levels.

We achieved Toitū carbonzero certification for measuring, reducing, offsetting and reporting our carbon emissions. This means we have achieved net-zero carbon emissions by balancing our emissions from our operations with an equivalent amount of offsets through buying carbon credits.

What we're doing.

Toitū carbonzero certification isn’t a “one and done” achievement. Each year we are audited to retain our certification and show that we’re continuing to reduce our emissions.

We have just been recertified for 2020. The results of our work with Toitū Envirocare showed that this year our carbon emissions were 6,014tCO2e (tonnes of carbon dioxide equivalent).

As a service company, our emissions are primarily derived from our business operations. These are the resources and materials that we consume and the services our suppliers provide. Leading sources of emissions for Westpac are air travel, non-EV vehicle emissions and electricity usage in our corporate offices and branches.

Our ambition to continue reducing emissions is embedded across the business - we have a 30% reduction target for our Scope 1, 2 and Mandatory 3 emissions by 2025.

Here are just a few ways that we are doing this:

  • Converting 100% of our fleet to electric or plug in hybrid vehicles by 2025.
  • Continuing energy efficiency improvements in our branches and corporate sites
  • Encouraging increased use of technology to reduce business travel.

While we’re actively working on reducing our emissions, there are emissions that we can’t avoid and for these, we offset through carbon credits. This year, we’ve chosen to invest in native forests at Spray Point Station in the upper Waihopai Valley in the Marlborough high country because of their focus on conservation. Offsetting via native forests will also help to improve the Station’s biodiversity.

Westpac NZ 2020 emissions.

Emissions graphs