Supporting Australian businesses to transition to a more sustainable economy.
Commonwealth Bank of Australia (CBA) has launched a new loan to support Australian businesses to finance assets and initiatives that can reduce emissions, build climate change resilience and protect natural resources.
Speaking at the Bank’s ‘Momentum’ sustainability conference today, CBA Executive General Manager Business Lending Grant Cairns said the Business Green Loan is targeted at commercial businesses seeking competitive funding for sustainability practises such as renewable energy projects, energy efficient building upgrades, and pollution reduction initiatives.
“There has been a big shift in the types of conversations we are having with our business customers, from small businesses to our largest corporate clients – customers recognise the opportunity to implement sustainable practices that not only advance their environmental goals but also lower operating costs,” Mr Cairns said.
“As Australia’s leading business bank, we have an important role to play in financing the nation’s transition and we are committed to supporting businesses to finance initiatives and assets that will help drive a more sustainable future.
“We have a track record of delivering market-first sustainable finance solutions and tools to support our customers to implement sustainability initiatives. We were the first Australian bank to offer an Agri Green Loan for farmers, and more recently, we launched our Green Buildings Tool to help commercial property owners identify and implement investments that uplift the sustainability of their building operations.
“Importantly, we are focused on providing an end-to-end offering to help our customers progress their net zero transition. As an example, our commercial property customers can identify energy efficiency upgrades through CBA’s Green Buildings Tool, and then finance these upgrades through our new Business Green Loan. This allows businesses to identify, scope and prioritise upgrades that can have a positive impact on both energy efficiency and costs, and to obtain finance that directly supports implementation.”
Mr Cairns said CBA can tailor terms to suit the individual needs of customers depending on their projects, assets and funding needs.
“The Business Green Loan complements Business Banking’s existing solutions that can support businesses to action their sustainability goals, including our Green Vehicle and Equipment Finance offering, Sustainable Finance solutions and our Agri Green Loan.”
Eligible assets and projects1 for the Business Green Loan may include:
- renewable energy such as solar, wind, hydropower and batteries
- energy efficient assets such as highly efficient motors, lighting, heating and cooling
- energy efficient building upgrades
- recycling, refurbishment, composting projects
- water efficiency and pollution prevention initiatives
CBA’s commitment to supporting customers with their sustainability transition is reflected in the bank’s 2030 Sustainability Funding Target (SFT). As part of the SFT, CBA aims to deliver $70 billion in cumulative funding across a range of sustainable industries and asset types including renewables, energy efficiency, low carbon transport, commercial property, land and agriculture, waste management and sustainability-linked lending.
The launch of the loan coincides with Momentum 2024, CBA’s third sustainability conference, being held today at the International Convention Centre Sydney. Headline speakers include CBA CEO Matt Comyn, Team Global Express CEO Christine Holgate and engineer and entrepreneur Saul Griffith. See the Momentum event website for more information and to register.
For more information on the Business Green Loan, including rates, fees and eligibility criteria, visit: commbank.com.au/business/loans-and-finance/business-green-loan
1Eligible assets and projects are assessed by the Bank as part of the Bank’s Business Green Loan eligibility criteria and normal credit approval processes.
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