Finance sector goes green

With help from the Ministry for the Environment, Westpac launched its Green Home Loans scheme at the end of March. It’s the start of a shift to ‘green finance’ options.

“The move towards green financial products is a customer-driven global trend,” said Ministry Adviser Arti Prasad.

“New Zealand is just starting to catch up. The finance and insurance sectors can drive sustainability because their leveraging power means they can influence other business.”

Prasad was seconded to work at Westpac last year, providing expertise in developing the home loans scheme.

The Ministry’s Sus

tainable Industry Group develops ways to help business sectors respond to the risks inherent in climate change, and also seize a market edge. Research shows that a large segment of consumers want to buy from environmentally responsible companies.

Westpac’s Corporate Responsibility Manager Candice Collier is proud of the Green Home Loan scheme which is the first of its type in New Zealand. The scheme’s customers get a book of discount vouchers for environmentally friendly products including solar water heaters, insulation, and appliances which they can buy through the bank’s partner suppliers.

Rhoda Morrison is building a dream home on 2.2ha at Tinopai, near Northland’s Kaipara Harbour. It will boast a solar heating panel on the roof thanks to her Green Home Loan vouchers.

Morrison has fenced off a dam and stream, and put her recent horticulture course to good use by beginning a planting programme of both native and fruit trees. She has used an eco-friendly wood oil rather than polyurethane to coat the home’s macrocarpa timber ceiling.

The Ministry is also working with the insurance industry to help it manage business risks associated with climate change and is partnering with IAG New Zealand to develop ‘green’ insurance products.

For more information contact Arti Prasad on (04) 439 7634 or arti.prasad@mfe.govt.nz

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