CBA funds GoZero’s electric school bus initiative

The $80 million financial backing supports the GreenSchools1000 project, which aims to deploy 1,000 electric coaches across Australia

CBA funds GoZero’s electric school bus initiative

The Commonwealth Bank of Australia (CBA) has finalised an $80 million asset finance agreement with the GoZero Group, aimed at modernising school transportation in Sydney.

The funds are designated for acquiring electric buses to replace diesel-powered school charter coaches for several independent schools in the city, including Queenwood, Knox Grammar, and Scots College, through GoZero’s charter business, the NSBC Group.

GoZero, established in 2020, specialises in developing Zero Emission solutions and vehicles for both business and government fleets. This financial backing plays a crucial role in GoZero’s GreenSchools1000 project, which targets deploying 1,000 electric coaches to serve schools throughout Australia.

“There has been an increased appetite for electric buses in the schools market,” said Stephen Cartwright (pictured), chief executive of GoZero. “Schools are not only interested in reducing their carbon emissions, they also want a healthy and safe environment for students. With zero fumes and all coaches being seat belted, the GoZero electric coaches help with the overall health and well-being outcomes for students.”

Research from The Australia Institute indicates that buses, though only constituting 0.5% of Australia’s vehicle registrations, contribute up to 6% of the country’s key air pollutants and produce about 1.4 million tonnes of CO2 equivalent pollution annually.

Jane Thomson, general manager of Major Client Group NSW at CBA, underscored the potential for significant carbon footprint reduction through the modernisation of Australia’s bus fleet.

“CBA is proud to be part of GoZero’s electrification initiative,” Thomson said. “As Australia’s leading business bank, we’re committed to supporting businesses, projects and assets that will drive our nation’s transition to a brighter, more sustainable future.

“Financing GoZero’s electric coaches is one of the many ways we’re delivering on our sustainability funding target and supporting mid-market companies with progressing toward their net zero ambitions.”  

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