Australian government's Clean Energy Finance Corporation (CEFC) is to invest up to AUD 200 million alongside ANZ Bank to provide discounted clean energy financing to the latter's business customers to enable them bring down their carbon emissions.
Loans will be provided to small and medium sized (SME) businesses for them to invest in renewable energy, energy efficient and precision agricultural equipment, recycling technologies and electric vehicles (EV).
Recycling is a new addition to the list in the co-financing program as at least 10% of the financing amount will specifically support opportunities in this sector, along with strengthening waste processing and resource recovery operations and cutting landfill emissions.
"In the 5 years we have worked with the ANZ we have seen strong interest from SMEs in using clean energy technologies to reduce their carbon footprint and improve their energy efficiency," said CEFC CEO Ian Learmonth. "Small to medium businesses are a critical part of Australia's economy. As the cost of energy and other inputs continues to rise, it is important to help them access the benefits that renewable energy, battery storage and energy efficient equipment can deliver."
This $200 million takes the total CEFC commitment to the ANZ clean energy finance program to AUD 450 million.
"Whether it be an electric truck or solar panels, we want to give Australian businesses access to finance, services and advice to invest in equipment which will help them shift to low carbon business models and operations that put them on a path to net zero emissions," added ANZ Managing Director of Commercial and Private Banking, Isaac Rankin.