Banking on emissions

The bank has set a target of lowering emissions per unit of meat or milk by 9% across its sheep and beef lending and 10% for dairy.

The bank has used the same intensity-style target Fonterra used to set its Scope three emissions target. Buit Westpac hasn’t set an outright reduction goal, saying it wanted to work with farmers on improving practices.

Fonterra warned farmers that banks were also linking loans to emissions profiles of farms.