This in response to EVs' growing popularity
ANZ has expanded the scope of its Business Green Loan, in response to the increasing popularity of electric vehicles.
“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,” said Lorraine Mapu (pictured above), ANZ managing director for business.
“We’ve seen the growing popularity of electric vehicles and businesses are asking how we can support them [to] shift to cleaner transport options.”
ANZ business customers can now use ANZ’s Business Green Loan to replace their fossil-fuelled fleet with electric vehicles, or 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 said. “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.”
Eligible customers can borrow up to $3 million at a special floating rate that they can use to invest in renewable energy, energy efficiency, sustainable land and water use, and the building, renovating, or purchasing of green buildings and clean transport.
Businesses that have already invested in such types of improvements can refinance 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 said.
“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 one customer looking to replace a fleet of 10 forklift trucks with electric alternatives.”
Linked to the Loan Market Association’s Green Loan Principles, ANZ’s Business Green Loan can be used to:
- replace fossil-fuelled vehicles with eligible clean alternatives, such as the installation of new charging points or infrastructure to support environmentally friendly transportation
- buy and install eligible energy efficiency products in commercial buildings or industrial energy replacement projects, including heat pumps, biomass boilers, double glazing, insulation, air conditioning and lighting
- make solar installations
- build, renovate, or buy a commercial building that meets certain New Zealand Green Building Council or NABERSNZ performance ratings
- start planting projects that improve environmental outcomes through afforestation, reforestation and/or preservation of natural landscape
- install products that improve water quality, wastewater, and effluent treatment, including fencing, bridges or culverts for stock exclusion, feed pads, and effluent ponds.
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