In a first for the Australian agriculture industry, Commonwealth Bank (CBA) has today announced a pilot that will provide funding at discounted rates to support agribusiness customers invest in environmental initiatives on their properties.
CBA Group Executive Business Banking, Mike Vacy Lyle, said: “We are excited to launch this pilot that will offer participants funding, at discounted rates, to invest in eligible initiatives that enhance both natural resources and climate resilience for the future.”
Mr Vacy Lyle said the eligibility criteria for this pilot covers a broad range of sustainability practices, such as projects to reduce emissions, sequester more carbon, improve soil health, promote biodiversity and vegetation cover, and protect waterways.
“From planting shelter belts of trees, to water use efficiency projects, we want to support customers who are adapting to the changing climate and protecting the environment in which they operate. An important part of the loan will be verification with the customer that the funds are used for defined, eligible purposes.”