Commonwealth Bank (CBA) has sealed an $80 million asset finance deal with GoZero to support the transition from diesel to electric school buses.
Through GoZero’s charter business, the NSBC Group, the funding aims to replace existing diesel school charter coach services with electric buses for Sydney institutions such as Queenwood, Knox Grammar, and Scots College.
The initiative is part of GoZero’s GreenSchools1000 program, which seeks to deploy 1000 electric coaches serving schools nationwide.
Founded in 2020, GoZero is a manufacturer and integrator of zero-emission solutions and vehicles for business and government fleets.
According to CBA, its funding for GoZero reflects an increased interest in electric buses within schools.
Jane Thomson, CBA general manager, major client group NSW, said the bank is proud to be part of GoZero’s electrification initiative.
“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,” Thomson said.
“Financing GoZero’s electric coaches is one of the many ways we’re delivering on our Sustainability Funding Target (SFT) and supporting mid-market companies with progressing toward their net zero ambitions.”
CBA said GoZero’s electric coaches not only address environmental concerns by reducing carbon emissions but also enhance the overall health and wellbeing of students with zero fumes.
Buses, which make up just 0.5 per cent of Australia’s registered vehicles, are responsible for up to six per cent of key air pollutants and produce approximately 1.4 million tonnes of CO2 equivalent pollution annually.
CBA said its GoZero collaboration presents a significant opportunity for decarbonisation, aligning with the bank’s commitment to sustainability as reflected in its 2030 SFT.
As part of the SFT, CBA aims to provide $70 billion in cumulative funding across various sustainable industries, including renewables, energy efficiency, low-carbon transport, and more.
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