Westpac Banking Corporation

InfluenceMap Score
C+
Performance Band
66%
Organisation Score
65%
Relationship Score
Modifications to InfluenceMap Scoring
Sector:
Financials
Head​quarters:
Sydney, Australia
Wikipedia:

Climate Lobbying Overview: Westpac Banking Group (WBC) appear to be broadly positively engaged with climate change, however, some of its positions on a suitable policy response does not appear to be aligned. WBC New Zealand appears to be noticeably more engaged with climate change policy compared to WBC Australia.

Top-line Messaging on Climate Policy: WBC appears to be positively engaged with climate through its top-line messaging. In its 2020 climate change position statement, WBC states support for reaching a net-zero emissions economy by 2050, an increase in ambition compared to its 2017 position that stated support for limiting warming to 2 degrees compared to pre-industrial levels and reaching net-zero emissions post 2050.

Engagement with Climate-Related Regulations: WBC has actively engaged with policy-makers with some climate-related regulations. WBC NZ stated support for New Zealand’s Zero Carbon Bill as a major driver of the country’s response to the Paris Agreement. However, WBC NZ also stated support for excluding biogenic methane emissions from the net-zero target in New Zealand and supported a weaker 2030 domestic target instead, essentially pushing back methane emission reductions. WBC NZ also stated support for the use of international emission reduction credits as a mechanism of the New Zealand Zero Carbon Bill, without stating any desirable limits on its supply, but does suggest that domestic reductions should ‘remain a core focus of policy framework’. In a separate consultation on Australia’s climate policy options, Westpac outlined its preferred policy response to be an economy-wide price of carbon, suggesting that market-based mechanisms would be most effective, but these measures should not affect economic or industrial competitiveness. WBC Australia does not appear to comment publicly on any other Australian climate-related regulations.

Positioning on Energy Transition: WBC appears to support the move to a low-carbon economy. In its 2020 climate change position statement WBC states ‘our focus on the energy system recognises its critical role in the transition to a low carbon economy’. Its 2017 climate change position also acknowledges that a transition to net-zero emission economy is required but for the energy sector this should ‘balance the needs of energy security, reliability and affordability’.

Industry Association Governance:In 2019, WBC has published a dedicated industry association review on its corporate website which includes WBC’s principles for engaging with industry associations over climate change and whether WBC is aligned or misaligned with the relevant association. However, the review does not include the stance of the industry associations on climate policy, or which specific policies WBC is aligned or misaligned with. Through this review, WBC identified misalignments between Westpac’s Climate Change Position Statement and the Business Council of Australia (BCA). WBC state they will continue to remain a member of the BCA and continue to engage with the BCA over climate and energy positions but did not put them on a timed review. WBC is also a member of the Carbon Market Institute that traditionally engages positively on climate change policy.

QUERIES
DATA SOURCES
Main Web Site Social Media CDP Responses Legislative Consultations Media Reports CEO Messaging Financial Disclosures
Communication of Climate Science
1 NS NA NS 1 NS NS
Alignment with IPCC on Climate Action
2 NS NA 0 NS 1 NS
Supporting the Need for Regulations
0 NS NA -1 1 NS NS
Support of UN Climate Process
1 NS NA NS NS NS NS
Transparency on Legislation
-1 NA -1 NA NA NA NS
Carbon Tax
NS NS NS NS NS NS NS
Emissions Trading
NS NS 1 -1 NS NS NS
Energy and Resource Efficiency
NS NS NS NS NS NS NS
Renewable Energy
NS NS 1 NS NS NS NS
Energy Transition & Zero Carbon Technologies
1 NS NS NS NS 1 NS
GHG Emission Regulation
2 2 1 2 NS NS NS
Disclosure on Relationships
1 NA 1 NA NA NA NS
Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
75%
 
75%
 
46%
 
46%

How to Read our Relationship Score Map

In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.