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Westpac Banking Corporation, commonly known as Westpac, is a leading financial institution headquartered in Sydney, Australia. Established in 1817, it is one of the oldest banks in the country and has played a pivotal role in the development of the Australian financial landscape. Westpac primarily operates in the financial intermediation services sector, excluding insurance and pension funding, and serves a diverse clientele across Australia and New Zealand.
The bank offers a comprehensive range of core products and services, including personal banking, business banking, and wealth management solutions. Westpac is renowned for its commitment to innovation and customer service, distinguishing itself with unique offerings such as tailored financial advice and digital banking solutions. As a major player in the industry, Westpac has consistently achieved significant milestones, including being one of the largest banks in Australia by market capitalisation, reflecting its strong market position and reputation for reliability.
69
DitchCarbon score
+32 vs industry average
Westpac’s score of 69 is higher than 80% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Very Low
Financial Intermediation is among the least carbon-intensive industries
Industry performance
0.096
20182025
The Financial Intermediation industry has reduced its overall emissions by 33% since 2018
Emissions trajectory 2020 – 2028
202020212022202320242025202620272028
Reported emissions
Scope 1
•••kg CO₂e
Scope 2
•••kg CO₂e
Scope 3
•••kg CO₂e
Total reported
•••kg CO₂e
Scope 3 accounts for ••• of total emissions.
Westpac's reported carbon emissions
Westpac, an Australian financial intermediation services company, reported its Scope 1 emissions for 2025 as 4,714,000 kg CO2e, Scope 2 emissions as 1,963,000 kg CO2e, and partial Scope 3 emissions (upstream transportation and distribution) as 56,469,000 kg CO2e. For 2024, the company reported Scope 1 emissions of 6,262,000 kg CO2e, Scope 2 emissions of 2,303,000 kg CO2e, and significant Scope 3 emissions including investments of 40,700,000,000 kg CO2e and upstream transportation and distribution of 40,799,175,000 kg CO2e.
Westpac has committed to several absolute emissions reduction targets:
- A 64% reduction in Scope 1 and 2 absolute emissions by 2025, and a 76% reduction by 2030, both from a 2021 baseline.
- A 50% reduction in upstream Scope 3 absolute emissions by 2030, also from a 2021 baseline.
Westpac Banking Corporation has a "Committed" status for near-term targets with the Science Based Targets initiative (SBTi), with a deadline to submit targets by October 2022.
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Westpac’s Climate Goals (2030 & 2050)
2025
Near-zero scope 1 & 2
Target to achieve near-zero emissions for direct operations and purchased energy
On track94%
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
At risk48%
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
Behind target22%
Showing SBTi-validated targets only. Sign up or sign in to see all disclosed climate targets.
Scope 3 top emissions categories
1 of 15 categories disclosedSee all scope 3 categories
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Climate initiatives
Science Based Targets Initiative
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Active
Carbon Disclosure Project
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Active
The Climate Pledge
See details
Not active
UN Global Compact Climate Champions initiative
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Active
RE 100
2025 targetSee details
Active
Climate Action 100
See details
Not active
Emissions comparison with industry peers
View similar organisationsCompanyCountryIndustryLast updatedScoreDetails
Westpac3 months ago
69
Frequently asked questions
Common questions about Westpac’s sustainability data and climate commitments
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