The Commonwealth Bank of Australia (CBA) has launched a range of new green asset finance solutions to support businesses investing in green vehicles, equipment and machinery and achieving their sustainability goals, while also lowering energy costs and boosting productivity.

CBA’s new Green Vehicle and Equipment Finance offers discounts of up to 1% off the standard rate for new and used electric or hydrogen-powered cars, trucks, vans or buses valued up to $250,000, and discounts of up to 0.5% on other qualifying assets including electric and hydrogen-powered machinery, solar, wind and hydro-powered equipment and charging and storage equipment.

CBA general manager asset finance, Chris Moldrich, says many businesses were expected to take advantage of the Commonwealth Government’s Instant Asset Write-Off scheme before it expires on 30 June, to bring forward purchases of green vehicles and equipment.

“This new green asset finance offering is designed to assist companies in the manufacturing, logistics and construction sectors who are focused on lowering their running costs and energy wastage, while also reducing carbon emissions,” he says.

“These new offerings enable businesses to transition their fleets and equipment to the latest, best-in-class sustainability options such as electric vehicles and green equipment. Our financing solutions cover up to 100 per cent of the purchase price of these assets, as well as supporting infrastructure such as chargers and batteries.

Electric vehicles (EVs) now represent 3.39% of all vehicle sales, a 65% increase on 2021, according to the Electric Vehicle Council’s new State of EVs report.

The report grades Australia’s jurisdictions on their approach to EVs, and while no single government leads on every policy area, the ACT and NSW lead overall (8/10); followed by federal (7/10); Queensland (6/10); Victoria (5/10); SA, NT and WA (4/10), and Tasmania (3/10).