The interest rate on the loan is linked to the objectives of the company as agreed with the indigenous people

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Westpac’s head of sustainable finance, Eliza Matthews, said growth in sustainable finance is accelerating, citing a surge in global releases of products such as sustainability-linked loans, green bonds and social bonds.

“We’re seeing around $ 800 billion in emissions in the first half of this year, so that’s more than all of 2020 combined,” she said. “So we’re going to have a huge year.”

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So far, Australia and New Zealand have disbursed US $ 11 billion in sustainable funding in 2021, slightly less than last year.

Ms Matthews said sustainability-related loans allow companies to demonstrate their commitment to customers and shareholders. “It really just shows how broad the possibilities are, how we can look at different areas and drive improvements for customers who want to focus on a specific issue of material sustainability,” said Ms Matthews.

One of the factors affecting the interest rate on the loan will be how quickly the registry goes through the stages of the reconciliation action plan. The plan’s objectives include developing a procurement strategy for Aboriginal and Torres Strait Islander businesses and increasing the percentage of Aboriginal and Torres Strait Islander employees.

Reconciliation Australia Executive Director Karen Mundine said: “We look forward to welcoming NSW Land Registry Service to [reconciliation action plan] communities and encourage them to take bold steps towards reconciliation. ”

The rise in sustainability-related loans comes as investors growing attention to environmental, social and governance issues, with banks eager to participate in growth.

Andrew Hinchliffe, head of the Institutional Banking and Markets Group at Commonwealth Bank, said sustainable financing is a key priority for the lender.

“NSW Land Registry Services are to be commended for their commitment to reconciliation of Indigenous peoples, diversity of workforce and reduction of emissions, and we are very proud to play our part in helping them achieve this ambition,” he said.

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