The initiative assists commercial real estate customers fund projects intended to reduce greenhouse gas emissions
The National Australia Bank (NAB) has introduced Green Finance for Commercial Real Estate (CRE), a new initiative aimed at bolstering investments in commercial buildings that meet specific environmental standards.
The program supports the financing of new developments or the retrofitting of existing commercial properties to enhance their energy efficiency and reduce greenhouse gas emissions.
Rowan Munchenberg, business lending executive at NAB, said the program was a step forward in assisting clients to decarbonise and improve climate resilience in response to Australia’s ongoing shift towards net zero.
“We’re working alongside our customers as they respond to changing consumer demand and strive to decarbonise,” Munchenberg said.
“With about 10% of Australia’s greenhouse gas emissions stemming from the operations of commercial buildings, there is clearly a need to mitigate the sector’s environmental impact and reduce its greenhouse gas emissions.
“Business owners know there are significant economic and environmental opportunities in reducing emissions, but they need commercial solutions to assist them.”
Read more: NAB lauds government’s new net-zero transformation measures
NAB has also expanded its commitment to environmental sustainability by partnering with Melbourne Business School on a climate training program for its staff. The initiative is designed to equip NAB employees with the necessary skills and knowledge to better assist customers in their transition to more sustainable business practices.
“Our climate trained CRE bankers are working with eligible customers, offering insights and expertise to help advance the development of specific commercial real estate projects,” Munchenberg said.
“With increasing evidence commercial buildings with stronger environmental ratings achieve more favourable economic outcomes, it’s likely demand for energy efficient and environmentally friendly commercial property will continue to grow.”
The NAB Green Finance for CRE is a component of the broader NAB Green Business Lending Framework, which evaluates the environmental performance of buildings using independent NABERS and Green Star ratings.
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