We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Westpac Banking Corporation is one of between 20-100 direct members of the Electric Vehicle Council (last updated February 2023)
not specified
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InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Westpac Banking Corporation is one of between 20-100 direct members of the Electric Vehicle Council (last updated February 2023)
not specified
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InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Westpac remains a member of the BCA. It has not provided an update of its industry association review since 2019. (Up to date as of October 2022)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Westpac Banking Corporation is one of over 100 direct members of BCA. In Westpac's 2019 Industry association review, it highlighted significant misalignments with the BCA in terms of climate change policy, however did not place them on a timed review.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Westpac remains a member of the BCA. It has not provided an update of its industry association review since 2019. (Up to date as of October 2022)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Westpac Banking Corporation is one of over 100 direct members of BCA. In Westpac's 2019 Industry association review, it highlighted significant misalignments with the BCA in terms of climate change policy, however did not place them on a timed review.
not specified
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.
Open PDF file of Data Source
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.