THE Nationals have labelled new zero-deforestation targets by one of Australia’s big banks as an “over-reach”.
Westpac recently announced its zero-deforestation target for beef, sheep and dairy farmers, which means the bank won’t lend money to those who plan to convert natural forest into agricultural land from 2026.
Westpac business and wealth chief executive Anthony Miller said the company will take a “pragmatic approach” with its customers on the new emission reduction targets.
“We want to support farmers with their own long-term sustainability plans and help them meet the changing demands of supply chains,” Mr Miller said.
“That’s why we are outlining these emissions targets and we’ll work with farmers individually to ensure we are backing their businesses.”
The targets include a plan for no deforestation from 2026, but Mr Miller said the policy only applies to ‘natural forest’ under the definition of the Science Based Targets Initiative.
“The no deforestation policy does not apply to the clearing of regrowth or revegetation and nor does it apply to areas currently used for grazing,” he said.
‘We understand that farmers need to manage their land, and they are the best stewards of the environment in which they live and work.
“This policy will apply to bush that’s been untouched for decades – larger areas of land with a high tree canopy and structured understorey and species consistent with a natural forest ecosystem.”
Member for Mallee Anne Webster was concerned at the power of Westpac to be able to “add to the burden” of Australia’s strict vegetation protection laws.
“What place does a bank have to push these rules on our farmers?” Dr Webster said.
“It is an overreach at best and once again does not understand the focus on healthy land and environment that our farmers action every day.
“That is not the job of a bank – it is ill-advised and calls to question whether Westpac is a genuine agricultural lender when they flex to the will of environmental lobby groups.”
