Media releases

Westpac Welcomes Clean Energy Finance Corporation to Sydney

 

7 March 2012

Westpac welcomes today’s announcement by Prime Minister Julia Gillard and New South Wales Premier Barry O’Farrell that the Clean Energy Finance Corporation will be located in Sydney.

Westpac, as New South Wales’ first bank, the world’s most sustainable bank¹ and Australia’s recognised leader in carbon and clean energy finance, welcomes the decision to locate the Clean Energy Finance Corporation in Sydney. 

“The decision to locate the Clean Energy Finance Corporation in Sydney reaffirms the city as a regional hub for financial services, including in emerging markets in clean energy, carbon trading and energy efficiency finance,” Emma Herd, Executive Director, Emissions & Environment said.

“Given that Australia’s finance industry is centred in Sydney it makes good sense for the CEFC to be based there so that it can draw on the expertise and work together with investors.”

“We look forward to continuing to work with our clients and Clean Energy Finance Corporation to deliver practical solutions that support the development of the clean energy sector and help local industry manage the risks and opportunities around carbon and energy,” she said.

Around 50% of Westpac’s global infrastructure and utilities financing is currently directed towards hydro and renewable energy.

Westpac has a dedicated team of carbon specialists, bringing together expertise from across the business to deliver integrated carbon and energy solutions for customers. This includes debt and equity funding for emerging business opportunities in the domestic offset sector (forestry and agriculture), clean energy deals, energy efficiency, internal abatement financing requirements and carbon credit off-take, price risk management and origination activities.

About Westpac Institutional Bank

Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand.

WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.

Customers are supported through Westpac branches and subsidiaries located in Australia, New Zealand, United States, United Kingdom and Asia.
 

¹In 2011, Westpac was ranked number one out of 190 banks globally as a leader in sustainability by the Dow Jones Sustainability Index, and included for the 10th year running. In 2010 and 2011, Westpac was voted ‘Best Trading Company – Australasia’ by global magazine Environmental Finance.