The ANZ Bank is cutting its lending rate for businesses who purchase clean energy assets.
The bank will team up with the Clean Energy Finance Corporation (CEFC) to establish a $150 million purchasing program.
The ANZ Energy Efficient Asset Finance program makes it easier for businesses to invest in energy-efficient and renewable technologies. This will also help reduce their energy use, carbon footprint and fuel costs.
Through the program, ANZ can offer a 0.70% p.a. discount to business customers on the standard asset finance rate for new assets up to $5 million.
The purchased assets must also meet CEFC energy efficiency requirements.
Clean energy assets: Saving money and the environment
Commenting on the initiative, ANZ Managing Director Business & Private Banking Mark Hand said the program will help businesses save money and operate more cleanly.
“Our ability to offer a financial discount for new investment and upgrades that will help our customers transition to a low-carbon economy supports ANZ’s goal of helping communities thrive and contributes directly to ANZ’s $15 billion sustainability target,” Mr Hand said.
CEC CEO Ian Learmonth said the collaboration will boost uptake of energy efficient assets across Australia.
“It’s great to be working with ANZ to help us broaden our reach across the Australian economy and make it easier for ANZ’s business customers to tap into the benefits of energy efficiency and renewable energy technologies,” he said.
Energy use causes 78% of carbon emissions
Mr Learmonth added that the CEC was looking forward to seeing the ANZ Energy Efficient Asset Finance program deliver lower emissions and lower energy use outcomes for business customers.
According to the CEC, 78 per cent of Australia’s greenhouse gas emissions is due to energy use.
Looking for energy inefficiencies in businesses, as well as alternative forms of power, will bring this figure down.
Businesses can not only contribute to a cleaner environment through the new scheme, but lower operating costs too.
That’s because investing in energy efficiency, plus wind and solar power, is now one of the most direct and cost-effective ways for businesses to improve their energy profile.