Australian banking group Westpac has launched a new investment offering, targeted at investors who back investment projects addressing climate change. Dubbed the Green Tailored Deposit, the new proposition requires a minimum investment of A$1m ($7,24,808.4m).

The product will invest in projects certified by the Climate Bonds Initiative, such as renewable energy, low carbon transport, low carbon buildings as well as water infrastructure.

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Westpac Institutional Bank CEO Lyn Cobley said: “The new green tailored deposit delivers an innovative solution for customers seeking an independently certified green investment product.

“Westpac has long recognised that climate change is one of the most significant issues we face as a society. We know it will impact the long-term prosperity of our economy and we are committed to playing a leading role in supporting the transition to net zero emissions.”

The New South Wales Central Coast Council and City of Sydney Council are already onboard as the first investors. Investors will be allowed to participate for a medium to long term ranging from one to five years.

Climate Bonds Initiative CEO Sean Kidney said: “Westpac has provided a brilliant green option with solid climate credentials.

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“Investors with purpose now have an opportunity to put their money to work addressing the biggest long term threat we all face, climate change.”

A not-for-profit organisation, Climate Bonds Initiative has offered the Climate Bonds Standard that screens investments’ environmental integrity.