22 February 2007

Westpac report finds risks and opportunities in climate change

Westpac Internet -Latest news: "The 2006 report sets out Westpac's non-financial performance across more than 110 indicators covering human, social and environmental capital. The report again emphases the links between sustainability and shareholder value, with Westpac CEO, Dr David Morgan, stating that managing social, environmental and workplace performance, along with stakeholder relationships and other intangibles, is fundamentally linked to long-term shareholder value.

Dr Morgan said the value proposition was most obvious around climate change, with 2006 shaping up as a turning point in Australia: 'With widespread acceptance that climate change is real, business has a tiger by the tail. There are critical risks but also real business opportunities - from lending in a water and carbon-constrained environment to valuing next generation assets.'

In 2006 Westpac was a key member of the Australian Business Roundtable on Climate Change; commenced trading in the EU Emission Trading Scheme (EU ETS), and was recognised for 'best in class' management and disclosure practices in the Carbon Disclosure Project's (CDP) global Climate Leaders Index. Westpac continues to look at pursuing the ultimate goal of carbon neutrality; that is zero net emissions."

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