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Home › Banks ›
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WestpacAustralia

Active

This profile is actively maintained
Last update: 2024-12-17 00:00:00
Westpac branch in Parramatta, Sydney District, Australia. Photo: Newtown grafitti via Wikimedia Commons (CC BY 2.0)

Active

This profile is actively maintained
Last update: 2024-12-17 00:00:00
Bank info
BankTrack campaigns
All
About
Website http://www.westpac.com.au
Headquarters
275 Kent Street
2000 Sydney
Australia
CEO/chair Peter King
CEO
Supervisor
Reserve Bank of Australia
Ownership
listed on Australian Securities Exchange & New Zealand Stock Exchange

Westpac's shareholders structure can be accessed here.

Westpac, established in 1817, is an Australian bank which focusses on Australia, New Zealand and the near Pacific. In December 2008 Westpac merged with St. George. The Westpac Group provides banking and financial services, including retail, business and institutional banking. The group operates five divisions including: Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand. These five divisions serve more than 13 million customers.

Sustainability
Commitments
Policies
Voluntary standards

Westpac's most important sustainability commitments can be found at the website sections listed below.

Links

Sustainability

Positions and perspectives

2024-10-31 00:00:00

Human Rights Position Statement and Action Plan

Bank policy
2024-10-31 00:00:00 | Westpac
2023-11-30 00:00:00

Agribusiness Position Statement

Bank policy
2023-11-30 00:00:00 | Westpac
2023-11-30 00:00:00

Natural capital position statement

Bank policy
2023-11-30 00:00:00 | Westpac
2023-11-03 00:00:00

2023 Climate Change Position Statement and Action Plan

Bank policy
2023-11-03 00:00:00 | Westpac
2023-08-31 00:00:00

Tobacco Position Statement

Bank policy
2023-08-31 00:00:00 | Westpac
2022-12-31 00:00:00

Defence Sector Position Statement

Bank policy
2022-12-31 00:00:00 | Westpac
2022-07-29 00:00:00

Net-Zero 2030 Targets

Bank policy
2022-07-29 00:00:00 | Westpac
2022-03-01 00:00:00

Modern Slavery and human trafficking statement

Bank policy
2022-03-01 00:00:00 | Westpac
2019-06-30 00:00:00

Financing agribusiness statement

Bank policy
2019-06-30 00:00:00 | Westpac
2018-05-31 00:00:00

Approach to sustainable finance

Bank policy
2018-05-31 00:00:00 | Westpac
2017-10-31 00:00:00

Responsible investment position statement

Bank policy
2017-10-31 00:00:00 | Westpac
2017-03-01 00:00:00

Responsible Sourcing Code of Conduct

Bank policy
2017-03-01 00:00:00 | Westpac
2016-08-31 00:00:00

Principles for Responsible Lending

Bank policy
2016-08-31 00:00:00 | Westpac
2016-05-31 00:00:00

Supplier inclusion and diversity policy

Bank policy
2016-05-31 00:00:00 | Westpac
2015-03-31 00:00:00

Anti-money laundering policy

Bank policy
2015-03-31 00:00:00 | Westpac
2013-09-01 00:00:00

Financing sustainable energy - Position statement

Bank policy
2013-09-01 00:00:00 | Westpac
2013-04-04 00:00:00

Paper purchasing policy

Bank policy
2013-04-04 00:00:00 | Westpac
2011-04-05 00:00:00

Whistleblower protection policy

Bank policy
2011-04-05 00:00:00 | Westpac
2011-01-01 00:00:00

Reconciliation action plan

Bank policy
2011-01-01 00:00:00 | Westpac
2010-01-01 00:00:00

Group Statement of Indigenous Australian, Maori & Pacific Island Community Involvement

Bank policy
2010-01-01 00:00:00 | Westpac
Westpac has committed itself to the following voluntary standards:
Banking Environment InitiativeTags:
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Science Based TargetsTags: climate change | corporate social responsibility
Soft Commodities CompactTags: Deforestation | forest
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance
UNEP Finance InitiativeTags: United Nations | sustainable development
United Nations Global CompactTags: United Nations | human rights
Universal Declaration of Human RightsTags: human rights | United Nations
Dodgy Deals

Westpac is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Westpac's link to these deals.

Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

2024 saw six new banks committing to end finance for metallurgical coal, and an explosion in commitments to decarbonise steel portfolios

2025-03-31 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

13 banks will not finance Papua LNG

2025-02-03 | Defund TotalEnergies
BankTrack news BankTrack blog Partner news Partner blog

Do NZBA exits mark the end of bank co-ordination on climate?

It is make or break for the industry-led, UN-convened Net-Zero Banking Alliance
BankTrack mentioned
2025-01-10 | The Banker
Blog
BankTrack news BankTrack blog Partner news Partner blog

Most large banks still failing to implement UN human rights principles, new BankTrack benchmark finds

Despite gradual progress, banks show little action in addressing impacts, protecting vulnerable groups and supporting affected communities.
2024-11-27 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Energy supply financing ratios: the next milestone in banks’ climate strategy

The energy supply financing ratio is a key indicator that synthesizes two major challenges in limiting global warming to 1.5°C: the phase-out of fossil fuels and the development of sustainable alternatives.
2024-10-07 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Breaking: CommBank formally walks away from climate wrecking clients

While ANZ, NAB and Westpac gear up to loan hundreds of millions more to one of Australia’s most notorious climate wreckers
2024-08-14 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack set to publish 2024 Global Human Rights Benchmark in November

50 of the world’s largest banks were invited to provide feedback on draft assessments of their human rights disclosures
2024-07-23 | Nijmegen, Netherlands | Giulia Barbos – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big four Australian banks pour $3.6 billion into fossil fuels in 2023

2024-07-16 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks financed fossil fuels by $6.9 trillion dollars since the Paris Agreement; $705 billion provided in 2023 alone; JPMorgan Chase, Mizuho, and Bank of America are worst 3 funders

Annual Banking on Climate Chaos report with an updated methodology offers comprehensive look at who’s bankrolling the climate crisis
2024-05-13 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

ANZ rules out Papua LNG, leaves the door open to fund climate wrecking companies

It is absolutely essential that ANZ rules out corporate finance and bonds to companies with expansion plans.
2024-05-09 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

UN-backed bank group seeks to avoid departures with new climate guidelines

2024-03-05 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

67 organisations call on banks to cease financing metallurgical coal

Banks risk stranded assets & climate catastrophe in steel lending without metallurgical coal exclusions
2023-12-07 | Nijmegen | BankTrack, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big four banks make strides, but action still dangerously slow in a climate emergency

There are still massive gaps in the policies of the ‘big four’ that could enable them to keep arranging new or renewed finance for fossil fuel expansion over the next two years, and possibly even decades beyond 2025.
2023-11-16 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac takes two steps forward, one big step back

2023-11-08 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks have no planned exit from coal for steelmaking

A new briefing from BankTrack calls on banks to urgently restrict finance for metallurgical coal
2023-10-10 | Julia Hovenier – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Decarbonization: steel not making the cut

Analysis by Reclaim Finance shows that few financial institutions have steel targets, and that those that have been adopted are riddled with flaws
2023-08-23 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Banks finally dump Whitehaven Coal

2023-07-17 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Banking Climate Failure

How Australia’s big four banks are still funding new fossil fuels
2023-05-30 | MarketForces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Whitehaven rushing ahead with new coal mine, backed by NAB and Westpac

Whitehaven Coal has announced plans to start production at a new coal mine this year, flying in the face of global efforts to limit warming to 1.5°C.
2023-05-02 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Canadian bank RBC the #1 financier of fossil fuels, world’s biggest banks continued to pour billions into fossil fuel expansion

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2023-04-13 | San Francisco | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Australia’s big four banks face human rights complaint over Santos Barossa financing

2023-04-05 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy

BankTrack’s 2022 Global Human Rights Benchmark finds reporting at a standstill, remedy still lacking and no clear leaders
2022-11-17 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks in Russia now have to help with conscription: Those who stay could be complicit in war crimes

2022-10-11 | Lorena Bisignano – BankTrack, Ryan Brightwell – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Santos announces refinancing of syndicated debt facilities

Santos announced it had executed documentation to amend and extend its two syndicated bank loan facilities totalling US$1.25 billion.
2022-08-30 | Santos
BankTrack news BankTrack blog Partner news Partner blog

Westpac: climate change commitments one week, financing climate-wreckers the next?

2022-08-02 | MarketForces
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2022-03-30 | San Francisco, Bemidji, Nijmegen, Oakland, Paris, Sassenberg, Washington DC | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club, Urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Repeat offenders NAB, ANZ and Westpac bankrolling “bet against the Paris Agreement”

NAB, ANZ and Westpac are among 18 global banks that have loaned to a gas processing facility that paves the way for a carbon bomb at the scale of 15 coal power stations.
2022-01-20 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac slammed over destructive fossil fuel funding at 2021 AGM

Westpac faced a formal proposal from shareholders that it commit to stop funding new fossil fuel projects at today’s annual general meeting (AGM). The bank’s board also received a barrage of tough questions over its continued funding for companies expanding the fossil fuel industry, including Santos and Whitehaven Coal.
2021-12-15 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Shareholders push for Australia's banks to stop fossil fuel funding

2021-10-07 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

210+ groups support urgent call to action
2021-09-23 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming

Civil society organizations urge banks to adopt stringent “No Go” policy for biodiversity rich areas
2021-05-26 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
2021-03-24 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Banking beyond deforestation

How the banking industry can help halt and reverse deforestation
2021-01-18 | Cambridge Institute for Sustainability Leadership
Blog
BankTrack news BankTrack blog Partner news Partner blog

Six years of the Soft Commodities Compact failed to slow bank finance for deforestation

New BankTrack research shows need for banks to move beyond certification requirements
2020-12-01 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New BankTrack Equator Principles reporting tracking tool launched

2020-09-21 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac quits thermal coal by 2030

2020-05-04 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Westpac urged to stop supporting projects that boost fossil fuel industry

2020-04-15 | Guardian
BankTrack news BankTrack blog Partner news Partner blog

Westpac accused of multiple legal breaches, allegedly allowing customers to pay for child sexual abuse

2019-11-27 | Business & Human Rights Resource Centre
Blog
BankTrack news BankTrack blog Partner news Partner blog

4 out of 5 banks failing on human rights, new BankTrack Human Rights Benchmark shows

Lloyds, Bank of America, Goldman Sachs and Société Générale among the poorest performers in BankTrack ranking, alongside Canadian and Chinese banks
2019-11-26 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Too little, too late

National Australia Bank’s new climate policy an exercise in greenwash
2019-11-15 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

ANZ and Westpac boosted new lending to fossil fuel projects last year, figures show

2019-11-06 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

NAB, ANZ and Westpac hit with climate risk shareholder resolutions

2019-10-10 | Melbourne, Australia | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Big Australian banks face shareholder vote on coal lending

2019-10-10 | The Australian Financial Review
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack 2019 Human Rights Benchmark: criteria and scope announced

2019-06-25 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Australian Prudential Regulation Authority demands banks, insurers act on climate risk

2019-03-20 | Financial Review
Blog
BankTrack news BankTrack blog Partner news Partner blog

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
BankTrack news BankTrack blog Partner news Partner blog

Our Future: Clean energy a test for banks’ rehabilitation

2019-02-04 | The Advocate
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks massively financing fossil fuels unclear about future of ... fossil fuels

Few banks acknowledge relation between fossil fuels and climate breakdown
2018-12-20 | Nijmegen
BankTrack news BankTrack blog Partner news Partner blog

Westpac makes no apology for continuing to back dirty coal

2018-12-12 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Principles must bring commitments

Banks endorsing draft Principles for Responsible Banking called upon to urgently act on what they sign
2018-11-26 | Paris | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Australian inquiry slams greedy banks and regulator for rampant misconduct

2018-09-28 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Liberian communities harassed after calling on banks to halt $1.5 billion loan to Wilmar over landgrabbing concerns

2018-07-26 | Inclusive Development International
BankTrack news BankTrack blog Partner news Partner blog

Big four banks quit coal only to invest in other fossil fuels, research finds

2018-05-31 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Big four banks quit coal only to invest in other fossil fuels, research finds

2018-05-31 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

New research: Australian banks 2ºC scorecard 2018

2018-05-31 | Melbourne | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Report finds major banks ramped up fossil fuel financing to $115 billion in 2017

Despite 2017 being the costliest year on record for weather disasters, new report reveals that banks increased extreme fossil fuel financing last year, led by a more than doubling in lending to tar sands companies and pipelines.
2018-03-28 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Abbot Point coal terminal: Westpac may not refinance Adani loan

2017-10-12 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

'Big four' Australian banks slammed for fossil fuel backing

2017-07-25 | Environmental Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac’s new climate policy rules out most new coal mines – including Carmichael!

2017-04-28 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac’s new climate policy rules out most new coal mines – including Carmichael

2017 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Banks' climate change talk not yet matched by action

BankTrack mentioned
2016-11-22 | The Sydney Morning Herald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financing of coal industry expansion by top banks undermining Paris Agreement

2016-11-14 | Marrakech, Morocco | BankTrack, Friends of the Earth France, Market Forces, Rainforest Action Network, urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

New polling shows half of customers prepared to change banks over fossil fuels – as prominent Australians demand climate action

2016-09-15 | Melbourne | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

New poll: Australians draw the line at badly behaving banks

Oxfam Australia release "Still Banking on Land Grabs"
2016-02-15 | Melbourne | Oxfam Australia
Blog
BankTrack news BankTrack blog Partner news Partner blog

No excuse: How Australia’s big four banks can better respond to land grabs

2015-08-07 | Oxfam Australia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Australian banks: New Report highlights gulf between renewable and fossil fuel financing

ANZ confirmed as Australia’s biggest fossil fuel lender
2015-06-18 | Melbourne | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Australian banks 'favour fossil fuel projects over renewables by $6 to $1'

2015-06-17 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Hundreds publicly close bank accounts over fossil fuel investments

2014-10-20 | Melboune | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Australian banks face more pressure over support for coal projects

2014-07-09 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Adani arm to raise  $1.5 bn in overseas debt in 2014

2014-05-08 | India | Live Mint
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big Four Australian banks lose customers over fossil fuel gamble

2014-05-03 | Melbourne | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Customers switch banks in day of divestment

2014-05-03 | The Age
BankTrack news BankTrack blog Partner news Partner blog

Bank accounts closed in fossil fuels protest

2014-05-02 | The Sydney Morning Herald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Australian banks backing companies accused of land grabs

2014-04-28 | Sydney | Oxfam Australia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac customers divest!

2014-03-08 | Melbourne and Sydney | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Australian and French banks target of protests on both sides of the world for investing in Australian coal projects

2014-02-26 | Melbourne and Paris | Market Forces and Les Amis de la Terre
Blog
BankTrack news BankTrack blog Partner news Partner blog

Earth to Westpac: DIVEST!

2013-12-13 | Melbourne | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Reality check for Aussie debt

2013-11-02 | IFR Asia
BankTrack news BankTrack blog Partner news Partner blog

Stranded assets, anyone? Testing times for the fossil fuel market

2013-10-17 | Renew Economy
BankTrack news BankTrack blog Partner news Partner blog

Adani Abbot Point Terminal Plans $1.2 Billion Debt Issue

2013-10-15 | The Wall Street Journal
Blog
BankTrack news BankTrack blog Partner news Partner blog

Sixty prominent Australians call on ‘big four’ banks to end fossil fuel investment

2013-06-28 | Melbourne | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

ANZ biggest gambler on dirty coal and gas exports

2013-05-31 | Melbourne | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Report triggers campaign to prevent Australian fossil fuel investment

2013-05-02 | Brisbane | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

BankTrack not satisfied with new draft of Equator Principles

BankTrack mentioned
2012-10-17 | New York | Social Funds
BankTrack news BankTrack blog Partner news Partner blog

Equator Principles goes beyond project finance, improves transparency

2012-08-13 | Environmental Finance
BankTrack news BankTrack blog Partner news Partner blog

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

2011-10-25 | Washington | prizmablog.com
BankTrack news BankTrack blog Partner news Partner blog

Time to Improve the Equator Principles, BankTrack Says

BankTrack mentioned
2011-10-24 | Washington | Social Funds
BankTrack news BankTrack blog Partner news Partner blog

BankTrack to Equator Principles banks; ‘get the Outside Job done’

Equator Principles update must lead to new Principles focused on people and planet
2011-10-23 | Washington | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financiers search for sustainable future

BankTrack mentioned
2011-10-20 | Washington | Environmental Finance
BankTrack news BankTrack blog Partner news Partner blog

Big banks 'no' to coal plant

2011-05-21 | The Age
BankTrack news BankTrack blog Partner news Partner blog

Banks being urged to lend 'green'

2010-10-02 | Sydney, Australia | The Syndey morning herald
BankTrack news BankTrack blog Partner news Partner blog

Banks under scrutiny over coal funding

BankTrack mentioned
2010-10-02 | Sydney, Australia | The Sydney morning herald
Blog
BankTrack news BankTrack blog Partner news Partner blog

New rules for Equator Principles, but no new commitments from banks

New governance rules represent missed chance for Equator Principles to take bold steps forward on transparency and accountability
2010-07-01 | Nijmegen, the Netherlands | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack calls upon banks to Close the Gap on investment policies

New report evaluates quality of investment policies of 49 banks; more policies in place, overall quality below what is required
2010-04-27 | Nijmegen, the Netherlands | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Principles: Action, not words needed

BankTrack calls upon Citi, new chair of Equator Principles to take bold steps forward
2010-03-15 | Nijmegen, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Civil society groups call for bold steps forward with Equator Principles

Major reforms needed on transparency, accountability, implementation and climate change
2010-01-14 | Nijmegen | BankTrack
Resources
Documents
Links
2025-05-08 00:00:00

Letter from BankTrack and Mars se Drine to Westpac on Jadar project

Correspondence
2025-05-08 00:00:00 | BankTrack and Mars se Drine
2024-11-03 00:00:00

Climate Report 2024

Other bank document
2024-11-03 00:00:00 | Westpac
2024-10-31 00:00:00

Human Rights Position Statement and Action Plan

Bank policy
2024-10-31 00:00:00 | Westpac
2024-10-01 00:00:00

NZBA 2024 Progress Report

Other document
2024-10-01 00:00:00 | NZBA
2024-05-13 00:00:00

Banking on climate chaos 2024

Fossil fuel finance report 2024
BankTrack publication
2024-05-13 00:00:00 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
2024-03-18 00:00:00

Still Butchering the Planet

Partner publication
2024-03-18 00:00:00 | Feedback
2023-12-14 00:00:00

Annual report 2023

Annual report
2023-12-14 00:00:00 | Westpac
2023-12-07 00:00:00

Letter from BankTrack to Westpac on Ending support for metallurgical coal

Correspondence
2023-12-07 00:00:00 | BankTrack
2023-11-30 00:00:00

Agribusiness Position Statement

Bank policy
2023-11-30 00:00:00 | Westpac
2023-11-30 00:00:00

Natural capital position statement

Bank policy
2023-11-30 00:00:00 | Westpac
2023-11-06 00:00:00

2023 Climate Report

Other bank document
2023-11-06 00:00:00 | Westpac
2023-11-03 00:00:00

2023 Climate Change Position Statement and Action Plan

Bank policy
2023-11-03 00:00:00 | Westpac
2023-10-10 00:00:00

Still bankrolling coal (for steel)

Why banks must quit metallurgical coal
BankTrack publication
2023-10-10 00:00:00 | Julia Hovenier, BankTrack
2023-08-31 00:00:00

Tobacco Position Statement

Bank policy
2023-08-31 00:00:00 | Westpac
2023-04-13 00:00:00

Banking on Climate Chaos 2023

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
BankTrack publication
2023-04-13 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, Urgewald
2023-01-27 00:00:00

Background briefing: Just 7% of global banks' energy financing goes to renewables, new data shows

BankTrack publication
2023-01-27 00:00:00 | Profundo for Sierra Club, Fair Finance International, BankTrack, Rainforest Action Network
2022-12-31 00:00:00

Defence Sector Position Statement

Bank policy
2022-12-31 00:00:00 | Westpac
2022-12-06 00:00:00

Annual report 2022

Annual report
2022-12-06 00:00:00 | Westpac
2022-11-17 00:00:00

BankTrack Global Human Rights Benchmark 2022

BankTrack publication
2022-11-17 00:00:00 | BankTrack
2022-07-29 00:00:00

Net-Zero 2030 Targets

Bank policy
2022-07-29 00:00:00 | Westpac
2022-07-13 00:00:00

Letter from BankTrack and Mars se Drine to Westpac on Rio Tinto Jadar Lithium Mine

Correspondence
2022-07-13 00:00:00 | BankTrack and Mars se Drine
2022-03-30 00:00:00

Banking on Climate Chaos 2022

Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
BankTrack publication
2022-03-30 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, urgewald
2022-03-01 00:00:00

Modern Slavery and human trafficking statement

Bank policy
2022-03-01 00:00:00 | Westpac
2021-12-16 00:00:00

Annual report 2021

Annual report
2021-12-16 00:00:00 | Westpac
2021-12-16 00:00:00

CSR Report 2021

Annual report
2021-12-16 00:00:00 | Westpac
2021-12-12 00:00:00

Letter from BankTrack to Westpac on lithium mining in Serbia’s Jadar Valley

Correspondence
2021-12-12 00:00:00 | BankTrack
2021-03-08 00:00:00

Annual report 2020

Annual report
2021-03-08 00:00:00 | Westpac
2021-02-01 00:00:00

CSR Report 2020

Annual report
2021-02-01 00:00:00 | Westpac
2021-01-18 00:00:00

Banking beyond deforestation

How the banking industry can help halt and reverse deforestation
Other document
2021-01-18 00:00:00 | Cambridge Institute for Sustainability Leadership
2020-11-30 00:00:00

Soft Commitments, Hard Lessons: an analysis of the Soft Commodities Compact

BankTrack publication
2020-11-30 00:00:00 | BankTrack
2020-11-16 00:00:00

The Banking Environment Initiative (BEI) & the Consumer Goods Forum (CGF)’s ‘Soft Commodities’ Compact

Other document
2020-11-16 00:00:00 | Banking Environment Initiative
2020-11-16 00:00:00

The BEI & CGF’s ‘Soft Commodities’ Compact: Technical Guidance

Other document
2020-11-16 00:00:00 | Banking Environment Initiative
2020-05-19 00:00:00

Annual report 2019

Annual report
2020-05-19 00:00:00 | Westpac
2020-05-19 00:00:00

CSR report 2019

Annual report
2020-05-19 00:00:00 | Westpac
2019-12-10 00:00:00

Letter from BankTrack to Westpac on the bank's progress on its fossil fuel finance since COP24

Correspondence
2019-12-10 00:00:00 | BankTrack
2019-09-11 00:00:00

Letter from Westpac to BankTrack on PRB implementation

Correspondence
2019-09-11 00:00:00 | Westpac
2019-06-30 00:00:00

Financing agribusiness statement

Bank policy
2019-06-30 00:00:00 | Westpac
2019-06-04 00:00:00

Annual report 2018

Annual report
2019-06-04 00:00:00 | Westpac
2019-06-04 00:00:00

CSR report 2018

Annual report
2019-06-04 00:00:00 | Westpac
2019-02-01 00:00:00

Final Report Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry-1

Other document
2019-02-01 00:00:00 | Royal Commission
2019-02-01 00:00:00

Final Report Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry-2

Other document
2019-02-01 00:00:00 | Royal Commission
2019-02-01 00:00:00

Final Report Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry-3

Other document
2019-02-01 00:00:00 | Royal Commission
2018-11-26 00:00:00

Bankrolling the climate crisis

Aotearoa’s financial ties to the fossil fuel industry
NGO document
2018-11-26 00:00:00 | 350.org New Zealand
2018-10-16 00:00:00

Letter from BankTrack and 120 organisations to Westpac on Demands FBNT campaign

Correspondence
2018-10-16 00:00:00 | BankTrack and 120 organisations
2018-05-31 00:00:00

2° Scorecard - Are Australia's big four banks living up to their climate commitments?

NGO document
2018-05-31 00:00:00 | Market Forces
2018-05-31 00:00:00

Approach to sustainable finance

Bank policy
2018-05-31 00:00:00 | Westpac
2018-03-28 00:00:00

Annual Report 2017

Annual report
2018-03-28 00:00:00 | Westpac
2018-02-28 00:00:00

Climate Change 2017 Information Request

Other bank document
2018-02-28 00:00:00 | Westpac
2017-11-30 00:00:00

Sustainability Performance Report 2017

Annual report
2017-11-30 00:00:00 | Westpac
2017-10-31 00:00:00

Responsible investment position statement

Bank policy
2017-10-31 00:00:00 | Westpac
2017-03-31 00:00:00

Annual report 2016

Annual report
2017-03-31 00:00:00 | Westpac
2017-03-31 00:00:00

CSR report 2016

Annual report
2017-03-31 00:00:00 | Westpac
2017-03-01 00:00:00

Responsible Sourcing Code of Conduct

Bank policy
2017-03-01 00:00:00 | Westpac
2017-02-28 00:00:00

Principles for responsible investments

Other bank document
2017-02-28 00:00:00 | Westpac
2017-02-28 00:00:00

Report on the Equator Principles 2016

Other bank document
2017-02-28 00:00:00 | Westpac
2016-11-07 00:00:00

Protecting the Leuser Ecosystem

A Shared Responsibility
NGO document
2016-11-07 00:00:00 | Rainforest Action Network
2016-08-31 00:00:00

Principles for Responsible Lending

Bank policy
2016-08-31 00:00:00 | Westpac
2016-05-31 00:00:00

Supplier inclusion and diversity policy

Bank policy
2016-05-31 00:00:00 | Westpac
2016-03-01 00:00:00

Annual report 2015

including sustainability report
Annual report
2016-03-01 00:00:00 | Westpac
2015-03-31 00:00:00

Annual Report 2014

including sustainability report
Annual report
2015-03-31 00:00:00 | Westpac
2015-03-31 00:00:00

Anti-money laundering policy

Bank policy
2015-03-31 00:00:00 | Westpac
2015-02-16 00:00:00

Tycoon-controlled oil palm groups in Indonesia - Executive Summary

NGO document
2015-02-16 00:00:00 | TuK, Profundo
2014-04-30 00:00:00

Banking on Shaky Ground

Australia's big four banks and land grabs
NGO document
2014-04-30 00:00:00 | Oxfam
2014-01-01 00:00:00

Sustainability Report 2013

Annual report
2014-01-01 00:00:00
2014-01-01 00:00:00

Annual Report 2013

Annual report
2014-01-01 00:00:00 | Westpac
2013-10-20 00:00:00

INVESTOR BRIEFING:

Adani Abbot Point Terminal Debt Issue
NGO document
2013-10-20 00:00:00 | Greenpeace
2013-09-01 00:00:00

Financing sustainable energy - Position statement

Bank policy
2013-09-01 00:00:00 | Westpac
2013-05-02 00:00:00

Financing Reef Destruction

How banks are using our money to destroy a natural icon
NGO document
2013-05-02 00:00:00 | Market Forces
2013-04-04 00:00:00

Paper purchasing policy

Bank policy
2013-04-04 00:00:00 | Westpac
2012-11-12 00:00:00

Annual Review and Sustainability Report 2012

Annual report
2012-11-12 00:00:00 | Westpac Group
2012-11-09 00:00:00

Annual Report 2012

Annual report
2012-11-09 00:00:00 | Westpac Group
2011-04-05 00:00:00

Whistleblower protection policy

Bank policy
2011-04-05 00:00:00 | Westpac
2011-01-01 00:00:00

Reconciliation action plan

Bank policy
2011-01-01 00:00:00 | Westpac
2010-12-18 00:00:00

Letter from BankTrack to EPFIs on issues around Equator Principles Review process

Correspondence
2010-12-18 00:00:00 | Banktrack
2010-09-07 00:00:00

Australian banks financing coal and renewable energy

NGO document
2010-09-07 00:00:00 | Profundo for Greenpeace Australia Pacific
2010-04-27 00:00:00

Close the Gap

Benchmarking investment policies of international banks
BankTrack publication
2010-04-27 00:00:00 | BankTrack
2010-01-01 00:00:00

Group Statement of Indigenous Australian, Maori & Pacific Island Community Involvement

Bank policy
2010-01-01 00:00:00 | Westpac
2007-06-15 00:00:00

Review of Westpac ESG considerations

Other document
2007-06-15 00:00:00 | KPMG

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

Market Forces' campaign on Australian banks

Accountability
Grievances
Response tracking

Any member of the public can raise a complaint regarding human rights issues by sending an email at sustainability@westpac.com.au or by post to 275 Kent Street, Sydney NSW 2000 Australia. Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).

Westpac is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.

This page evaluates Westpac's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Rio Tinto's Jadar mine, Serbia (December 2021)
0
0
0
0
Dodgy Deal profile
Response
0
Out of 1
Rationale for score
The bank's response neither acknowledges its link to the impact, nor addresses the issues raised. The bank agreed to a meeting on the subject, but no additional information was shared.
Action
0
Out of 1
Rationale for score
The bank does not describe any engagement with its client or approptriate action
Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised.
More info
Letter to financiers of Rio Tinto, December 2021
Santos' Barossa gas project, Australia (July 2023)
0.5
0.5
0.5
0
Dodgy Deal profile
Response
0.5
Out of 1
Rationale for score
The bank responded confirming a link to the company (confirming it provided a loan to the company in question together with a syndicate of banks), but it did not acknowledge the human rights impacts raised.
Action
0.5
Out of 1
Rationale for score
The bank stated that it has engaged with its client on the impacts raised. However, it did not itself engage with the affected rights-holders nor did it set out how it has exercised its leverage or taken any further steps to address the impacts.
Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress.
More info
Equity Generation Lawyers, Bank Responses to Human Rights Grievances report, July 2023

Average
100%
0.25
0.25
0.25
0
Banks and Climate

Banks and Climate

The 2024 Banking on Climate Chaos report showed that Westpac provided US$ 10.72 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, Westpac provided US$ 85 Million for oil, gas and coal companies expanding fossil fuels. Find further details on Westpac fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

Banking on Climate Chaos fossil fuel finance data

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Westpac’s fossil fuel policy below.

Assessment of Westpac in the Coal Policy Tool

Assessment of Westpac in the Oil and Gas Policy Tracker

Banks and Human Rights

Banks and Human Rights

BankTrack assessed Westpac in its 2024 Global Human Rights Benchmark, where it achieved 9 points out of 15 and was ranked as a “moderate achiever”.

The bank scored 1 out of 3 points on the new “specific rights indicators”, which assess how banks address human rights defenders, Indigenous Peoples’ right to Free, Prior and Informed Consent and environmental rights in their policies and practices.  

In addition, Westpac scored 0.5 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the “Accountability” section of this profile.

The BankTrack Human Rights Benchmark

The table below shows BankTrack's assessment of how Westpac has implemented the UN Guiding Principles on Business and Human Rights. Please click on 'expand all details' and 'explanation' for further information on the methodology.

Our policy assessments are always a work in progress. We very much welcome any feedback, especially from banks included in the assessments. Please get in touch at humanrights@banktrack.org.

Global Human Rights Benchmark 2022

BankLast update
Country
Score
Ranking
Details
Westpac
AUS
9
Front runner 9
0
Australia
Score
Front runner
9
Explanation

Westpac's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2022. The bank is assessed as a Front runner, with a total score of 9 out of 14.

Policy: 3/3
Due dilligence: 3.5/5
Reporting: 2/3
Remedy: 0.5/3


Response Tracking:
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0/3. See the Response Tracking section of this profile for more details.

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.

Global Human Rights Benchmark 2024

BankLast update
Country
Score
Ranking
Details
Westpac
AUS
9
Moderate achiever 9
0
Australia
Score
Moderate achiever
9
Explanation

Westpac's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2024. The bank is assessed as a , with a total score of 9 out of 15.

Policy: 3/3
Due dilligence: 3.5/5
Reporting: 2/4
Remedy: 0.5/3

Specific rights: 1/3

Response Tracking:
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0.5/3. See the Response Tracking section of this profile for more details.

Explanation
Laggard
Follower
Moderate achiever
Leader
0 - 3 points
3.5 - 7 points
7.5 - 10.5 points
11 - 15 points
For more details see this page.
Banks and Nature

Banks and Nature

Westpac’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 5.8 out of 10 and ranking it as a front runner. Westpac achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 6.6 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, Westpac provided USD 516 million in credit to companies operating in these forest-risk sectors. For more information, see the links below. 

Forests & Finance

Banks and beef

Banks and palm oil

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
Westpac
2022-09-27
AUS
5.8
Front runner 5.8
0
Australia
Profile
Score
Front runner
5.8
20220927
Last update: 2022-09-27
Explanation

The policy assessment covers the main forest-risk commodity sectors (Beef, Palm Oil, Soy, Timber, Pulp and Paper, and Rubber). Weighted scores are based on the scope of Westpac' relevant policies, taking into account different types of financing and the sectors in which the bank is active. Details about the scores per sector policy can be found on Westpac'profile

Explanation

A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Beef

BankLast update
Country
Score
Ranking
Details
Westpac
2022-09-29
AUS
0
Laggard 0
0
Australia
Profile
Score
Laggard
0
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of relevant policies, taking into account what types and how much finance the bank provides to companies active in the beef industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Westpac' profile

Explanation

A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Palm Oil

BankLast update
Country
Score
Ranking
Details
Westpac
2022-09-29
AUS
6.6
Front runner 6.6
0
Australia
Profile
Score
Front runner
6.6
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to palm oil. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the palm oil industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Westpac' profile

Explanation

A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the NZBA

Tracking the Net Zero Banking Alliance

Westpac is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

Tracking NZBA banks commitments

Banks and Russia

Banks and Russian Aggression in Ukraine

BankTrack is keeping track of the public response of Westpac to Russia's illegal invasion of Ukraine. Westpac did not publicly condemn the war. Westpac is considered by Leave-Russia.org to be "suspending" its operations in Russia. We consider its exposure to Russia as limited. For further details, see the table linked below.

Bank responses to Russia's invasion of Ukraine

Banks and Steel

Banks and Steel

As part of the Net Zero Banking Alliance (NZBA), Westpac is required to set interim targets for 2030 for high emission priority sectors. For Westpac, this includes its lending to the steel sector. You can see Westpac’s iron and steel decarbonisation targets, and its progress towards meeting them in our NZBA steel targets compliance tracker:

NZBA Iron & Steel Targets

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that Westpac provided US$ 1.5 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on Westpac’s metallurgical coal financing and and how it compares to other large banks globally in the report.

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Westpac’s metallurgical coal policy below.

Metallurgical Coal Financing: Time to call it off 2023

Coal policy tool

Good Moves

Good moves

Year:

2025

13 banks will not finance Papua LNG

Thanks to Japanese bank MUFG, TotalEnergies is developing a new climate bomb in Papua New Guinea: the “Papua LNG” liquefied natural gas (LNG) project, which will lead to the emission of over 220 million tonnes of CO2.  This project confirms TotalEnergies’ intention to establish itself in Papua…

2017

Westpac’s new climate policy rules out most new coal mines – including Carmichael

After years of pressure from customers, shareholders, environmental groups and the broader community, Westpac has become the 19th bank around the world to either distance themselves from Galilee Basin coal export projects, or bring in a policy that prohibits lending to new coal mines like Adani’s. Read…
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