27 Oct 2021

Westpac moves to loans with sustainability strings attached

From Nine To Noon, 9:07 am on 27 October 2021
Farm land near Mt Cook, Canterbury.

Photo: 123rf

Westpac New Zealand is moving to offer discount loans for businesses attaining environmental targets.

It's signed an $85 million loan with Pamu, also known as Landcorp, New Zealand's biggest farming business with 114 farms around the country.

Pamu will receive a pricing discount from Westpac if it meets specific environmental targets - including a 1.5-degree science-based emissions reduction target.

Kathryn speaks with Westpac NZ's General Manager of Sustainability and Strategy, Karen Silk and Chief Executive of Pamu, Steve Carden.