SMEs need assistance to achieve net zero by 2050, banking boss says
The Australian government has announced a new small business energy tax incentive and the establishment of a National Net Zero Authority – initiatives welcomed by NAB, as these would help SMEs reduce costs and contribute to the transition to net zero.
“We support the new small business energy incentive and the Household Energy Upgrades Fund as we progress through a critical decade in Australia’s transition to net zero,” said Ross McEwan (pictured above), NAB group CEO. “Small businesses drive the economy and measures to support them, including the re-establishment of the instant asset write-off and cyber resilience programs help them to grow safely.”
“Transforming Australia to a low-emissions economy is inevitable and complex,” said Andrew Irvine, NAB group executive business and private banking. “The opportunities through decarbonisation will be immense if we get it right together.
“SMEs are the engine room of our economy, and they recognise the importance of sustainability for the short-, medium- and long-term health of their businesses. They need assistance to achieve net zero by 2050, and we commend the federal government for its leadership to provide this support.”
According to recent NAB data, one in five small- and medium-sized business owners “strongly intend” to enhance their business’ sustainability in the next two years. Many have invested in energy-efficient assets to lower operating costs, support the transition to net zero, and create more sustainable businesses.
In December, NAB introduced the Agri Green Loan and green equipment finance products and has since then funded more than $56 million worth of green loans for customers who were making a step towards cutting emissions and building climate resilience.
The bank has also delivered climate training to more than 370 of its staff in conjunction with Melbourne Business School, so they can help educate the growing number of customers looking for net-zero transition options.
“We’re seeing increasing demand for our finance solutions, and customers are seeking insights and advice on how they can leverage the benefits that Australia’s energy transition can provide,” Irvine said. “Through our partnership with MBS, we’ve invested in upskilling our bankers to ensure they possess the latest climate intelligence and are well equipped to help customers navigate the opportunity in the best way for them.”
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