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Westpac Shareholder action

2 April 2020

As you read this, Westpac is rewriting its climate change policy. And it clearly needs an upgrade.

Shareholders have a powerful voice and you can use this form to contact the head of Westpac's investor relations now. Tell Westpac to set a policy that aligns with keeping global warming below 1.5 degrees.

Over the last four years, despite committing to the Paris Agreement goals, Westpac has loaned $5.4 billion to fossil fuels, including coal mine expansions and companies undermining climate action like Whitehaven Coal and Origin Energy.

If Westpac wants its commitment to the Paris climate goals to mean anything, at the very least it must rule out funding any new fossil fuel projects. Take action!

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Your message to Westpac Investor Relations (you can amend as desired, your name will be automatically added at the end)
Dear Mr Bowden, As a Westpac shareholder, I am writing to ensure you are aware of my expectations regarding Westpac’s updated climate policy which I believe is being released this month. It is obvious that our current climate policies are profoundly inadequate. Westpac is still pouring billions into climate-destroying coal, oil and gas projects and companies like Whitehaven Coal, Origin Energy, the Curragh coal mine expansion and Woodside. A massive $5.4 billion in the last four years has been loaned, despite the seriousness and urgency of the climate crisis. Through its loans to fossil fuels Westpac is fueling ever-worsening droughts, bushfires, floods and storms - with all the terrible human and ecological costs they bring. If Westpac’s commitment to the goals of the Paris Agreement are to mean anything this needs to stop. I expect to see a climate policy that: - Rules out lending to any project or company that is or intends to expand the fossil fuel sector. - Sets dates for the phase out of all loan book exposure to coal, oil and gas, in line with what the science says is needed to limit warming to 1.5 degrees. For thermal coal that date is 2030 at the latest. As a shareholder in Westpac I want to see our company improve its ethics as well as start to position itself on the right side of history with regards to the climate crisis. To do this you need to adopt the two above points in your climate policy as a minimum. Please get back to me to let me know how the climate policy development is progressing and if these essential elements will be included. Regards,
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