Westpac says no more gas funding, with safety warnings
It is understood that Westpac’s new measures affect only a handful of clients and the bank’s total exposure to oil and gas is approximately $2.4 billion. Anthony Miller, Westpac’s head of institutional banking, said all of the bank’s clients were working through how they would achieve net zero emissions, pledging to work with them to achieve the transition. We have set our own target “Every client is involved in this, thinking about what their transition plans and targets should be. It will only get deeper and more substantive as we progress,” he said. “Just like if a client doesn’t meet their financial commitments, we don’t leave them, we don’t leave, we stay with them and help them. It’s just about partnerships, we’ve set our targets, we’ve shared them with clients, and we’ve set our own targets.” Announcing changes to bank lending policies in power, cement and oil and gas, including a commitment to cut oil and gas emissions by 23 percent at 2021 levels by 2030, Mr King said Westp