LOADING

Type to search

Westpac NZ Future-Proofs Agricultural Sector with New Emissions Targets

Westpac NZ Future-Proofs Agricultural Sector with New Emissions Targets

westpac nz

Westpac NZ has set emissions intensity targets for its Dairy and Sheep and Beef lending portfolios, as it seeks to future-proof its customers and its own business from the impacts of climate change. As part of Westpac’s Net Zero Banking Alliance commitment to finance climate action to help the economy transition to net zero greenhouse gas emissions by 2050, the new portfolio level targets are: 

  • Dairy Sector: 10% reduction in financed emissions intensity (tCO2-e/t of Fat and Protein Correct Milk) by 2030, from a 2021 baseline.  
  • Sheep and Beef: 9% reduction in financed emissions intensity (tCO2-e/t of fresh weight/carcass weight) by 2030, from a 2021 baseline.

Westpac NZ General Manager of Institutional and Business Banking Reuben Tucker says the targets are for improvements in the emissions intensity of the bank’s lending, rather than outright reductions. 

The world needs good-quality food and we want our Agri customers to continue supporting production through their operations, but also to consider how they can do so more efficiently,” Mr Tucker says. 

New Zealand has some of the best farmers in the world. We want to help them stay ahead of the pack by future-proofing their businesses to deliver products that cater to the preferences of increasingly climate-conscious consumers in key export markets. We believe that efficient and sustainable farmers can do this and be profitable.

We know farmers have a lot on their plate at the moment. This is why we want to work together with customers to better understand the risks and opportunities, and ultimately set their businesses up to be more successful long-term. This means asking them to measure their emissions and share their information with us. Many of our farmer customers are doing this already.” 

Westpac NZ has already enabled more than $1bn of lending through its Sustainable Farm Loan, launched in June. This product incentivises best farming practices, including developing emissions reduction plans.  

Related Article: EU Sets Global Standard for Methane Emissions Reductions

The bank has also commissioned the Westpac NZ Lincoln University Agribusiness Climate Change Report and the Journeaux Economics On-Farm Greenhouse Gas Mitigations report to provide customers with insights on how to build more sustainable and resilient farms. 

We’re committed to supporting Aotearoa’s transition to a net-zero emissions economy and these targets are part of that,” Mr Tucker says. 

We encourage customers to get in touch with us if they have any questions or concerns about these targets – our bankers are here to help.” 

Topics

Related Articles

LOADING

Type to search

Blog

Image of official Toronto Climate Week logo nad icon in reverse white text over blue background
PwC Survey Finds Rising Pressure and Value in Corporate Sustainability Reporting
IBM Launches API to Embed Emissions Data into Corporate and Vendor Tools
Founder Group to Build $2.76B Solar and Storage Complex in Sarawak
Germany Delivers Nearly $14 Billion in Climate Finance for 2024
Standard Chartered Backs L&T with $700M Sustainability-Linked Trade Financing
MAS Appoints Abigail Ng as New Chief Sustainability Officer
ESG News WEEK IN REVIeW 21 Sept - 28 sept
OXCCU Secures $28 Million to Scale Carbon-to-Fuel Technology for Aviation
Dutch Startup Brineworks Secures $7.3M to Scale Direct Air Capture for e-Fuels
Becky Park-Romanovsky on Building Toronto Climate Week and Canada’s Climate Future
DHL, Hapag-Lloyd Expand Use of Sustainable Marine Fuels to Cut Supply Chain Emissions
EU Pushes Back Supply Chain Deforestation Rules by One Year
California Names 4,000+ Companies Facing Mandatory Climate Disclosures
Levi Strauss and Schneider Electric launch supply chain renewable energy accelerator in India
EFRAG Maps Digital Tools to Advance SME Sustainability Reporting
Watershed Launches AI-Driven Product Footprints to Tackle Scope 3 Supply Chain Emissions
PRI Awards 2025 Spotlight Responsible Investment Leaders
Frontier Launches Rail-Based Carbon Management Platform for Ethanol Sector
UK Signs Contracts for First Commercial Carbon Capture Projects
","session_id":"ep-sess-1760321021-lwrz6Az1","page_url":"https:\/\/esgnews.com\/westpac-nz-future-proofs-agricultural-sector-with-new-emissions-targets\/","post_id":"23605","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */