CBA Launches Pilot Agri Green Loan Offering
(22 November 2021 – Australia) CBA is piloting a new low-rate loan to support agribusinesses to reduce their net emissions, make their properties more resilient to climate variability, and enhance their natural capital.
In a first for the Australian agriculture industry, Commonwealth Bank (CBA) has today announced a pilot that will provide funding at discounted rates to support agribusiness customers invest in environmental initiatives on their properties. This pilot follows CBA’s launch of an Australian-first sustainability linked loan for agriculture and CBA’s Property Sustainability Upgrade Loan for new and existing business customers with commercial properties.
“We are excited to launch this pilot that will offer participants funding, at discounted rates, to invest in eligible initiatives that enhance both natural resources and climate resilience for the future” commented CBA Group Executive Business Banking, Mike Vacy Lyle.
“From planting shelter belts of trees, to water use efficiency projects, we want to support customers who are adapting to the changing climate and protecting the environment in which they operate. An important part of the loan will be verification with the customer that the funds are used for defined, eligible purposes. Our first pilot loan is well on its way to supporting Victorian horticultural producer Katunga Fresh, who is investing in the energy efficiency of their glasshouses, which will reduce their emissions intensity” he added.