Commerce Commission files proceedings against Westpac
The Commerce Commission has announced that it has filed proceedings against Westpac New Zealand.
The bank will also expand its interest-free loans to help customers make their homes warmer, healthier and more energy efficient.
Westpac NZ has also announced a new commitment to align its banking operations with a net zero emissions future and has released a new Responsible Banking and Investment Position.
The bank’s chief executive Catherine McGrath says the bank is focused on supporting customers who want to take positive action.
“Climate change is a growing threat to our environment, communities and business. Cutting emissions reduces risk, helps protect the world we live in for future generations and also creates opportunities to do things in new ways,” she says.
McGrath says the bank itself has reduced its own emissions by 60%.
“With today’s announcement we’re lifting our game across the bank to support our customers to reduce their carbon emissions.”
The Sustainable Agribusiness Loans are being piloted with a small group of farming customers.
McGrath says the loan is the first of its kind, requiring that farming customers meet all parts of the Sustainable Agriculture Finance Initiative guidance.
“This guidance includes practices to reduce emissions, improve long-term resilience and deliver more sustainable outcomes in terms of water, waste, pollution and ecosystems.”
Once farmers commit to meet the guidance, they have two years to achieve that goal and will be supported with discounted loan pricing.
“Agriculture is a key part of New Zealand’s economy and we provide high-quality food and produce to the world. It’s important we take an innovative approach to lending in order to help our customers achieve their sustainability goals, while remaining productive.”
The loans are expected to be rolled out more widely next year.
