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

 

Westpac to boost its $1bn investment in NZ CleanTech sector

Media Release
January 23, 2014

Media Release
January 23, 2014

Westpac to boost its $1bn investment in the New Zealand CleanTech sector


Click for big version.

Westpac Managing Director Business Bank & Wealth Simon Power and Duncan Stewart from The Greenhouse

Westpac is partnering with the CleanTech industry to establish a certification programme as it targets a 15 percent increase in its lending to the New Zealand CleanTech sector over the next two years.

The news comes on the back of today's announcement that Westpac Group has been ranked number one in the ‘Global 100 Most Sustainable Corporations in the World’ at the World Economic Forum in Davos, Switzerland.

“Westpac sees CleanTech as a sector of the New Zealand economy with strong growth prospects. It is also a sector that is vital to supporting the transition we must make to a low-carbon economy,” says Simon Power, General Manager Business Bank and Wealth. 
 
“As one of New Zealand’s largest financial institutions, Westpac recognises it has an important part to play in enabling New Zealand CleanTech businesses to succeed locally and internationally and in helping its customers to prosper and manage environmental outcomes.
 
“We currently lend more than $1 billion to the New Zealand CleanTech sector and we are aiming to add at least $150m in new lending by the end of 2015. 
 
“However, for the New Zealand CleanTech sector to grow, we not only need creative, practical ideas from business, we also need an innovative approach to financing these businesses. 

“That is why we are working with The Greenhouse and The New Zealand Clean Tech & Environment Network (NZCEN) to understand how we can develop the financial solutions to help grow the CleanTech sector,” says Power.

Westpac and The Greenhouse are undertaking a survey of up to 500 NZCEN members to provide a basis for establishing a New Zealand CleanTech certification programme.  This will give potential clients, investors, and equity partners of these businesses a robust standard for benchmarking CleanTech opportunities.

Westpac is also looking to develop specific financial solutions and support for certified organisations and to promote these organisations to its own key clients, suppliers and partners.

”Our joint aim is to grow the CleanTech industry by allowing home, farm and business owners  to access financial products which can be used to purchase CleanTech goods and services from certified providers.  This is an exciting market-led approach which will help to grow an innovative New Zealand sector whilst making businesses and households more sustainable and efficient,” says Duncan Stewart, Director of The Greenhouse.

‘CleanTech’ encompasses a range of technology-based organisations, products and services that take advantage of renewable materials and energy sources, reducing the use of natural resources, and limiting or eliminating emissions and wastes.  Examples include renewable energy, lower emissions from transportation, Green Star-rated property, forestry, energy efficient fuels, waste processing and agritech solutions.

Westpac has made two clear commitments as part of its sustainability strategy – to develop financial solutions for customers that address environmental challenges, and to grow its lending and investment in the CleanTech sector.

Westpac has already begun to explore product opportunities that support the renewable energy sector. Last year it launched Solar Shed in partnership with Meridian Energy, giving farmers easier access to solar energy and potentially helping them save thousands each year on their power bills.

Westpac’s existing CleanTech clients include renewable energy, Green Star-rated property, sustainable forestry and recycling operations.

More information on Westpac’s approach to sustainability can be found in the Sustainability and Community section of Westpac New Zealand’s website at www.westpac.co.nz/who-we-are.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:

Electricity: New Zealand Remains In Top 10 For Energy Balance

The World Energy Council’s Energy Trilemma Index has become part of the energy dialogue both globally and in New Zealand. The Index illustrates the need for countries to balance energy security, energy equity and environmental sustainability. New Zealand ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: