Over the past 12 months, Commonwealth Bank has stepped up its efforts to embed sustainability further into its strategy with new products and services aimed at helping retail customers to reduce their carbon emissions and limit their broader impact on the environment.

As part of this approach, the bank launched the Green Home Offer earlier this year which provides eligible home loan customers with access to a low standard variable rate if their home meets certain sustainability and energy efficient criteria.

Launching the Green Home Offer in April, CBA’s Executive General Manager Home Buying, Dr Michael Baumann, said the bank was looking to “reward new and existing customers who are taking actionable steps to reduce their environmental footprint by investing in homes that are efficient, comfortable and healthier for them and the environment”.

With one in four home loans with CommBank, Dr Baumann said the bank has a responsibility to provide customers with accessible solutions that reduce their environmental footprint.

The introduction of the Green Home Offer followed the bank’s Green Loan that was first launched back in February 2021 and provides customers with an ultra-low 10 year fixed rate to finance the installation of eligible renewables on their home.

In addition to the products the bank provides to reward customers who are taking (or wishing to take) actionable steps to reduce their environmental footprint, the bank has also sought to partner with various industry leaders to help customers understand their environmental impact.

In October last year, CBA announced its partnership with fintech start-up Cogo. Under the terms of the partnership, retail bank customers can view their carbon footprint via the CommBank app. Further, customers can see a breakdown of their carbon emissions data grouped into everyday spending categories like Utilities, Transportation, Shopping, and other transaction segments. Customers also have the option to select actions to help manage their environmental footprint.

Ben Morgan, CBA’s General Manager Strategy Investments and Transformation said the combination of customer data and Cogo’s capabilities meant the bank could provide “personalised and granular information to customers about how their spending translates to a carbon footprint”.

“A customer’s carbon footprint is an estimate that considers things such as personalised spending data and transaction behaviours using select CommBank products, such as an Everyday account, credit cards and BPAY. We can then assign each transaction emissions factor data per industry type (ie fashion, grocery, etc.), which is provided to us by Cogo to calculate their carbon footprint,” Mr Morgan said.

In addition to its partnership with Cogo, the bank has also partnered with Amber – a new type of energy retailer giving customers direct access to the real-time wholesale energy price.

Amber’s technology empowers customers to save more on their energy bills by using power when cheaper and greener renewables are available in the grid. This different way of buying power supports the transition to a 100% renewable energy future.

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