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.
+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
Financial Intermediation is among the least carbon-intensive industries
Industry performance
The Financial Intermediation industry has reduced its overall emissions by 33% since 2018
Emissions trajectory 2020 – 2028
Reported emissions
Scope 3 accounts for ••• of total emissions.
Westpac's reported carbon emissions
Westpac, a financial intermediation services company based in Australia, is committed to reducing its climate impact. For the fiscal year 2025, Westpac reported Scope 1 emissions of approximately 4.7 million kg CO2e and Scope 2 emissions of about 2.0 million kg CO2e. Scope 3 emissions, specifically upstream transportation and distribution, were approximately 56.5 million kg CO2e. In the fiscal year 2024, the bank recorded Scope 1 emissions of approximately 6.3 million kg CO2e and Scope 2 emissions of about 2.3 million kg CO2e. Its upstream transportation and distribution emissions for the same period were significantly higher, at approximately 40.8 billion kg CO2e.
Westpac has established several key reduction targets. The company aims to reduce its absolute Scope 1 and 2 emissions by 64% by 2025 and by 76% by 2030, using 2021 as a baseline. Furthermore, Westpac is targeting a 50% reduction in its upstream Scope 3 absolute emissions by 2030, also from a 2021 baseline.
Historical data shows a fluctuating emissions profile. In 2022, total Scope 1 emissions were approximately 7.3 million kg CO2e, Scope 2 emissions were around 36.7 million kg CO2e, and Scope 3 emissions were approximately 63.4 million kg CO2e. In 2016, total Scope 1 and 2 emissions amounted to roughly 156.7 million kg CO2e, with Scope 3 emissions at approximately 80.1 million kg CO2e. In 2015, Westpac reported Scope 1 emissions of about 10.8 million kg CO2e, Scope 2 emissions of approximately 165.0 million kg CO2e, and Scope 3 emissions of about 68.5 million kg CO2e.
The company's sustainability report for 2025 indicates that it is on track to meet its near-term targets. Westpac is noted as being committed to near-term greenhouse gas reductions, with a target year for submission of October 2022.
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Westpac’s Climate Goals (2030 & 2050)
3 goals2030
64% reduction in all scopes
Reduce scope 1 and 2 absolute emissions by 64% by 2025; Reduce scope 1 and 2 absolute emissions by 76% by 2030;
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
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Scope 3 top emissions categories
1 of 15 categories disclosedSee all scope 3 categories
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Climate initiatives
Science Based Targets Initiative
Carbon Disclosure Project
The Climate Pledge
UN Global Compact Climate Champions initiative
RE 100
Climate Action 100
Emissions comparison with industry peers
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Westpac
Frequently asked questions
Common questions about Westpac’s sustainability data and climate commitments
Data year: 2025
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