Second-Party Opinion Download

Westpac has developed the Westpac Green Bond Framework dated January 2026, under which it intends to issue green funding instruments such as senior or subordinated bonds, covered bonds, asset-backed or residential mortgage-backed securities, commercial paper and other liabilities.2 Westpac may use the proceeds to fund assets in Australia and its other operating regions, including New Zealand, the Asia-Pacific, the UK and the Americas, in six environmental categories.

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s six use of proceeds categories. As per our methodology, we have applied equal weighting across categories.

Under Renewable Energy, Energy Efficiency and Clean Transportation, Westpac may finance assets in renewable energy generation, green hydrogen production, transmission and distribution, zero emission vehicles and related infrastructure. Financing may include waste-to-energy facilities, a short-term interim solution to landfilling in regions where full recycling is not feasible. In Australia, which has robust waste management systems, this delivers modest benefits. Overall, expenditures in these categories are expected to substantially support a low carbon energy and mobility transition. Green Buildings projects will have certifications that place them among the most energy efficient. Despite the potential use of on-site fossil fuels for some new buildings, these are still expected to strongly support sectoral decarbonization. Environmentally Sustainable Management of Living Natural Resources and Land Use projects are expected to strongly contribute to sustainable forestry. Sustainable Water and Wastewater Management may finance water treatment and climate resiliency projects, incorporating measures to mitigate environmental risks. Wastewater facilities may not treat sewage sludge, and desalination projects may meet either low energy use or low carbon electricity standards, but not both, which are important for decarbonization of such energy-intensive processes. Still, together with flood protection and drought resilience efforts, these investments are expected to strongly enhance sustainable water management and climate resilience.