By Tina Perinotto
Westpac
19 February 2013 – Westpac last night (Monday) launched a dramatic new sustainability strategy it says will be worth $8 billion over the next five years, doubling its investments in clean technology, environmental services and including $2 billion for social and affordable housing.
The announcement signals that for corporate Australia, sustainability is now firmly back on the agenda, after slipping from the radar last year.
The package will include lending and investment for renewable energy, energy efficiency, green buildings, waste, water, carbon farming and sustainable forestry activities and land rehabilitation.
“For an activity to be deemed ‘green’ it must be over and above business as usual in the relevant industry and produce an environmental outcome,” a Westpac spokeswoman clarified on Tuesday.
The social and affordable housing component includes lending to providers and operators of social affordable housing.
Westpac group executive Christine Parker said the bank wanted to set big targets and “raise awareness of these issues and challenge everybody to do more”.
“We have been working towards our sustainability goals over the past 15 years and I’m proud of what we’ve achieved,” Ms Parker said.
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