Westpac is backing deforestation

Australia is a global deforestation hotspot with the highest rate of forest clearing in the developed world. Despite this, all of Australia’s big banks are continuing to loan to landholders who are actively bulldozing the bush.  

Our research has found that between July 2023 – 2024 alone, Westpac financed the deforestation of 2431 hectares of land. That’s the equivalent of an area of land about 2.4 x the size of the Adelaide CBD, and is also just a small snapshot of the deforestation Westpac is potentially financing. . 

It doesn't have to be this way. In fact, Westpac had initially made a zero-deforestation commitment for loans to beef, dairy and sheep farming, but dissapointingly walked away from that commitment just last year.

The Big 4 banks have a choice about what role they play in the deforestation crisis. They can either keep using their customers' money to finance further deforestation, while turning a blind eye to the destruction of our precious forests, rivers, and reefs. Or they can use their power and influence to act responsibly and drive change by setting strict conditions on lending to those that damage and destroy nature.

We’re calling on Westpac to take this seriously by setting a deforestation-free commitment for its financing. We know they need to take some steps to get there, so we’re asking them to:   

🔍 Identify if deforestation is happening on their customers’ properties  

☑️ Be transparent about what they are actually doing to support their customers to stop bulldozing the bush, as they have claimed in their Sustainability Report 

🌳 Engage with and support their customers to protect rather than rip out trees on their properties 

We’ll be keeping an eye out for progress on this issue in their upcoming Annual Report and will be holding them to account if we don’t see change.

Can you help us keep the pressure on Westpac to take some corporate responsibility?

You don’t have to be a Westpac customer or shareholder to reach out to them about this issue. After all, the protection of our beautiful natural world is everyone’s business! However, if you are, make sure you let them know by introducing yourself as a customer or shareholder in the email template.  

By acting together, we can shift corporate Australia one step closer to a future where protecting nature is the bare minimum requirement of doing business in this country.

Thank you for helping us keep the major banks accountable!