CBA launches finance to achieve sustainability goals

Commonwealth Bank of Australia (CBA) is launching a range of new green asset finance solutions to support businesses investing in green vehicles, equipment and machinery and achieving their sustainability goals, while also lowering energy costs and boosting productivity.

CBA’s new Green Vehicle and Equipment Finance offers discounts of up to 1 per cent off the standard rate for new and used electric or hydrogen powered cars, trucks, vans or buses valued up to $250,000, and discounts of up to 0.5 per cent on other qualifying assets including electric and hydrogen powered machinery, solar, wind and hydro-powered equipment and charging and storage equipment.

A recent report by East & Partners showed that environmental concerns, lower finance costs and higher cost of fuels as well as regulatory pressures and investor requirements are key drivers for business investment in sustainability. One in five companies plan to install green energy production facilities on site, while one in three are broadly considering solar, hydrogen, electric vehicle chargers, batteries or pumped hydro, the report found.

Green asset finance adds to CBA’s existing sustainable finance offering including for the purchase or construction of low carbon commercial property, property upgrade loans to improve energy and water efficiency and green home loans.