Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Westpac New Zealand raises funding through green bond

19 June 2019

Westpac New Zealand has become the first New Zealand bank to raise funding through the issuance of a green bond.

The 5 year green bond issued by Westpac raised €500 million ($860million) from European investors, to support the funding of climate change solutions.

Reflecting continued growth in international green capital markets, the transaction attracted €1.1billion of interest, across 83 investors, and 20 countries.

“This deal is the first green bond for Westpac in New Zealand, and supports the bank’s target to facilitate $2 billion of climate change solutions lending by 2020,” said Karen Silk, Westpac NZ’s General Manager of Corporate, Commercial and Institutional Banking.

“Westpac’s strong credit rating and green credentials met the growing appetite among European investors for environmentally conscious investments.”

“Westpac’s green bond adds to the range of sustainable products and services Westpac offers to its customers,” Ms Silk said.

“New Zealand needs to urgent take action on climate change. Facilitating investment through green bonds to help us transition towards a net zero carbon economy is one way Westpac can assist that.”

Proceeds from the green bond would be used to finance or re-finance sustainable New Zealand projects, such as renewable energy and low carbon commercial property.

The Westpac NZ green bond framework aligns with the ICMA Green Bond Principles 2018. Westpac NZ has undertaken to have external review and assurance conducted on each proposed green bond issuance with the corresponding assurance opinion made publically available through the Westpac NZ fixed investor website.

Westpac NZ’s commitment to action on climate change

Westpac NZ recognises that climate change is a major threat to our environment, economy and wellbeing. It also presents opportunities – for new jobs, technologies and services. The finance sector has a major role to play in helping New Zealand transition to a low carbon economy.

Westpac NZ has had a long running commitment to support climate-conscious customers to help New Zealand transition to a net zero carbon emissions economy, with a strong track-record of lending to renewable energy and energy efficiency projects.

A climate change impact report, commissioned by Westpac NZ and carried out by EY and Vivid Economics, released in April 2018 establishes that taking faster action on climate change could save New Zealand $30 billion by 2050.

Westpac NZ has a target to lend $2 billion to climate change solutions by 2020. This encompasses the total direct and indirect financing of customers, to the extent they are involved in climate change solutions.

Find out more about how we are ‘Taking Action on Climate Change’.

Find out more about Westpac NZ and sustainability at


© Scoop Media

Business Headlines | Sci-Tech Headlines


Marine And Freshwater Reports: EDS Calls For Urgent Action On Marine Management

“There are some big issues to address. These include many marine species and habitats that are in serious trouble. Of the sample investigated, the report finds that 22% of marine mammals, 90% of seabirds and 80% of shorebirds are threatened with or actually at risk of extinction..." More>>


$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>


New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>


Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>