ANZ is expanding the scope of its Business Green Loan scheme to help more companies switch to cleaner fleets including electric vehicles.
The loan allows eligible customers to borrow up to $3 million at a special floating rate which can be used for investments in renewable energy, energy efficiency, sustainable land and water use, and the building, renovating, or purchasing of green buildings and clean transport.
The bank says it expanded it to include transport in response to huge growth in the popularity of electric vehicles in recent years.
Half of all new passenger vehicles now sold being are either hybrid or full electric.
“Customers are increasingly coming to us for support and guidance, asking us what they can do, and how they can invest to future proof their businesses,” ANZ business director Lorraine Mapu says.
“We’ve seen the growing popularity of electric vehicles and businesses are asking how we can support them shift to cleaner transport options.”
The Business Green Loan means business customers can now use the scheme to replace their fossil-fuelled fleet with electric vehicles. Hybrid electric vehicles that emit greater than 56g CO2e/km are excluded.
It can also be used to cover the installation of new charging points or infrastructure to support environmentally friendly transportation.
“An important part of our role as a bank is to support the shift to more sustainable practices by removing some of the cost barrier businesses face,” Mapu says.
“Investing in clean transportation can help reduce emissions and increase efficiency.
“Expanding our Business Green Loan to include electric vehicles and clean transport options is one important way we can help,” she says.
Businesses that have already invested in clean innovations can re-finance their existing loans if they meet eligibility criteria.
“We’ve already supported the replacement of business fleet cars with EVs and on-farm vehicles, including an EV ute,” Mapu says.
“Farmers who have taken up the loan, have told us that the special rate meant that it made good sense from a business standpoint, and this helped justify their decision to make a change.
“The loan can also cover the replacement of commercial vehicles and we have with one customer looking to replace a fleet of 10 forklift trucks with electric alternatives.”
The loan can be used for:
- Clean transportation – replacing fossil-fuelled vehicles with eligible ‘clean’ alternatives, including the installation of new charging points or infrastructure to support environmentally friendly transportation.
- Energy efficiency – purchase and installation of eligible energy efficiency products in commercial buildings or industrial energy replacement projects. This includes heat pumps, biomass boilers, double glazing, insulation, air conditioning and lighting;
- Renewable energy – solar installations;
- Green buildings – building, renovating or purchasing a commercial building that meets certain New Zealand Green Building Council or NABERSNZ performance ratings;
- Sustainable land use – planting projects that improve environmental outcomes through afforestation, reforestation and/or preservation of natural landscape;[3]
- Sustainable water and wastewater – installation of products that improve water quality, wastewater and effluent treatment. This includes fencing, bridges or culverts for stock exclusion, feed pads and effluent ponds.
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