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| Overall Assessment |
Comment |
Score |
| Comprehensive |
Westpac Banking Corporation has demonstrated a comprehensive level of transparency regarding its climate lobbying activities. The company explicitly identifies specific climate-related policies and frameworks it has engaged with, such as the 'Climate Vulnerability Assessment' initiated by APRA, the 'Draft CPG 229 Climate Change Financial Risks (PPG),' and the Safeguard Mechanism reforms in Australia. Westpac also disclosed its participation in consultations with the Australian Government Treasury and working groups within the Australian Banking Association to improve industry practices in climate risk, climate disclosures, and financed emissions. Furthermore, the company has outlined its lobbying mechanisms, including direct engagement with APRA and indirect lobbying via the ABA, as well as participation in the Australian Business Roundtable for Disaster Resilience and Safer Communities (ABR). These efforts are targeted at advocating for 'better policy and funding for resilience and adaptation' and influencing the final design of the Climate Vulnerability Assessment and the draft PPG. Westpac has also been transparent about the specific outcomes it seeks, such as supporting the development of credible transition plans for upstream oil and gas companies by 2025, achieving zero lending exposure to companies with significant thermal coal mining revenue by 2030, and reducing emissions intensity in sectors like power generation and cement production. This level of detail illustrates Westpac's commitment to disclosing its climate lobbying efforts and objectives.
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4
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| Overall Assessment |
Comment |
Score |
| Strong |
Westpac Banking Corporation demonstrates a strong governance process for climate lobbying alignment, particularly through its structured oversight mechanisms and proactive management of climate-related risks and opportunities. The company explicitly states that its targets and approach "have undergone internal review and approval, including by the Board and the ESG and Reputation (ESGR) Committee, which is an executive level committee and is chaired by our CEO," indicating clear oversight and accountability structures. Westpac also describes its process for monitoring and managing alignment with climate goals, including the use of third-party expert consultants and external third-party assurance: "Our ongoing progress reporting against these targets will also be subject to external third-party assurance." Furthermore, the company commits to tracking financed emissions and emissions intensity, disclosing progress against its 2030 targets as part of its regular reporting process. The governance framework extends to indirect lobbying efforts, as Westpac aligns its lending portfolios with net-zero emissions by 2050 and works with customers to develop credible transition plans: "We will continue to provide corporate lending where the customer has a credible transition plan in place by 2025, and will work with customers to support their development of credible transition plans prior to 2025." Additionally, Westpac addresses indirect lobbying through its engagement with industry associations and advocacy for climate-aligned policies, stating that it "continues to review our membership of industry associations and their advocacy activity with regards to climate change in line with our Industry Association Principles." While the company provides robust details on its governance processes, including methodologies for financed emissions estimation and target setting, it does not explicitly mention conducting a comprehensive lobbying audit or review of trade association alignment, which would elevate its governance to a more comprehensive level. This indicates strong governance in climate lobbying alignment.
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3
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