Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
Zespri executive officer sustainability Rachel Depree says shipping plays a key role in New Zealand’s export-driven economy, carrying 99% of the country’s trade by volume and approximately 80% by value.
“Low-emissions shipping is a critical part of carbon reduction for exporters and also underpins our collective ability to achieve the government’s goal of doubling export value over the next 10 years,” Depree says.
“Collectively, we are already facing rising costs as carbon is priced into the economy and our markets and customers are starting to demand targets and plans to lower emissions over time,” she says.
Depree says shipping emissions is a key challenge to decarbonising the kiwifruit industry and meeting Zespri’s climate commitments.
“While kiwifruit is a low-carbon product, shipping emissions make up a larger portion of the product’s overall carbon footprint at 43% - and that’s why action is a priority.”
She says that, like many exporters, Zespri cannot directly reduce shipping emissions itself hence the reason why the exporter is working with its shipping and distribution partners to improve efficiency and find opportunities to pilot low-emissions fuel solutions as it works towards its aim of being carbon positive by 2035.
“This includes continuing to advocate for new port infrastructure and supporting the introduction of more low emissions shipping vessels, fuels and technology – all of which are critical and which require significant investment,” says Depree.
“The problem is significant and the answer complex but we do know success here will require coordinated action across government and supply chains,” she says.
