Westpac
Westpac Banking Corporation, commonly known as Westpac, is a leading financial services provider headquartered in Sydney, Australia. Established in 1817, it is one of the oldest banks in the country and has played a pivotal role in shaping the Australian banking landscape. With a strong presence across major operational regions, including New Zealand and the Pacific Islands, Westpac serves millions of customers through its extensive network of branches and digital platforms. As a key player in the banking industry, Westpac offers a diverse range of products and services, including personal banking, business banking, and wealth management. Its commitment to innovation and customer service sets it apart in a competitive market. Notably, Westpac has received numerous accolades for its sustainability initiatives and digital banking solutions, reinforcing its position as a trusted financial partner in the region.
DitchCarbon Score
How does Westpac's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Westpac's score of 65 is higher than 99% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Westpac's reported carbon emissions
In 2024, Westpac's total carbon emissions amounted to approximately 64,000,000 kg CO2e, comprising 6,262,000 kg CO2e from Scope 1, 2,303,000 kg CO2e from Scope 2, and a significant 57,655,000 kg CO2e from Scope 3 emissions. This data highlights the bank's substantial carbon footprint, particularly in Scope 3, which typically includes emissions from the supply chain and customer activities. In 2023, Westpac did not disclose specific emissions data for its Australian operations, but globally, it reported emissions of about 61,044,000 kg CO2e in Scope 3, alongside 6,559,000 kg CO2e in Scope 1 and 14,489,000 kg CO2e in Scope 2. This indicates a consistent trend in emissions across the years, with a notable reliance on Scope 3 emissions. Westpac has committed to near-term emissions reduction targets, although it has not yet set a net-zero target. The bank is actively engaged in climate initiatives, reflecting its role as a financial institution in the diverse financial sector. The absence of specific reduction targets in the provided data suggests that while Westpac is aware of its environmental impact, it may still be in the early stages of formalising comprehensive climate commitments. Overall, Westpac's emissions data underscores the importance of ongoing efforts to reduce carbon emissions, particularly in Scope 3, as part of its broader climate strategy.
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| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| Scope 1 | 156,701,000 | - | - | - | - | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 |
| Scope 2 | 80,125,000 | - | - | - | - | 00,000,000 | 00,000,000 | 00,000,000 | 0,000,000 |
| Scope 3 | 80,125,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
Industry emissions intensity
Location emissions intensity
Reduction initiatives & disclosure networks
Companies disclose and commit to reducing emissions to show they are serious about reducing emissions impact over time. They can also help a company track its progress over time.
Westpac is participating in some of the initiatives that we track. This may change over time as the company engages with new initiatives or updates its commitments. DitchCarbon will update this information as it becomes available.
