Thursday, 20 June 2024

CBA closes $80M facility with GoZero for GreenSchools1000

5 min read

Commonwealth Bank (CBA) has closed $80 million in asset finance facilities with GoZero Group, facilitating the transition to electric buses for independent schools in Sydney, including Queenwood, Knox Grammar and Scots College, through GoZero’s NSBC Group charter business.

Founded in 2020, GoZero is a leading manufacturer and integrator of Zero Emission solutions and vehicles for business and government fleets. The funding is a key component of GoZero’s GreenSchools1000 initiative which aims to roll out 1000 electric coaches to service schools across Australia.

Stephen Cartwright, CEO of GoZero said: “There has been an increased appetite for electric buses in the schools market. Schools are not only interested in reducing their carbon emissions, they also want a healthy and safe environment for students. With zero fumes and all coaches being seat belted, the GoZero electric coaches help with the overall health and well- being outcomes for students.”

According to research by The Australia Institute, buses make up just 0.5% of Australia’s registered vehicles, but account for up to 6% of key air pollutants and produce roughly 1.4 million tonnes of CO2 equivalent pollution each year—equivalent to the ACT’s total annual emissions.

Jane Thomson, general manager, major client group NSW at CBA, said: This presents a significant opportunity for decarbonisation—replacing Australia’s bus fleet with zero emissions buses can utilise electrification technologies already available today while reducing our nation’s overall carbon footprint.

Thomson said: “CBA is proud to be part of GoZero’s electrification initiative. As Australia’s leading business bank, we’re committed to supporting businesses, projects and assets that will drive our nation’s transition to a brighter, more sustainable future. Financing GoZero’s electric coaches is one of the many ways we’re delivering on our Sustainability Funding Target and supporting mid-market companies with progressing toward their net zero ambitions.”

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.

GoZero Group will be featured at Commonwealth Bank’s third sustainability conference, Momentum: Accelerating Australia’s Transition, to be held on 12 March at the Sydney International Convention Centre. CBA’s Momentum brings together leaders across business, government, science and more to share ideas and solutions for accelerating Australia’s transition to net zero.

Re-disseminated by The Asian Banker

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