WBC targets to reduce Scope one and two emissions by 90 in 2030
Aims to cut Scope three emissions by 35 by 2030
Set to launch 10minute mortgage approval process

July 27 Reuters Australia39;s Westpac Banking Corp unveiled its plans on Wednesday to reduce lending to coal, oil and gas companies by nearly a quarter by 2030, joining its peers in an initiative to slash emissions.

The country39;s thirdlargest lender by market value has tracked rivals National Australia Bank and Commonwealth Bank of Australia in tabling a detailed plan after they decided to cut lending to the oil and gas sector.

NAB implemented a 2.4 billion cap on lending to oil and gas companies while CBA had pledged to halve emissions by 2030.

With weatherrelated disasters on the rise, costing lives and trillions in losses, green groups are increasingly fighting coal projects around Australia, calling on banks not to provide loans citing potential damage to the climate.

By releasing sector targets for 2030 in emissionsintensive industries, we39;re setting clear markers and will help our customers transition, Westpac Chief Executive Officer Peter King said.

Westpac aims for a 23 reduction in scope one, two and three absolutefinanced emissions by 2030 from firms involved in oil and gas exploration, extraction or drilling.

The Sydneybased company will also stop dealing with companies with more than 5 of their revenue coming directly from thermal coal mining by the same year.

The lender joined the…