A buy now pay later financier speeding up the transition to clean energy; a major bank using sustainability as a key pillar; a fund manager focusing on ethical principles; an insurance company aiming to help Australians reduce climate change risk; and an investment bank specialising in risk-weighted asset allocation based on environmental performance are
According to McConnell, without Brighte, 70 per cent of the company’s surveyed customers say they would have delayed or deferred their solar purchase because the biggest barrier to households taking up clean energy remains the upfront cost. “Whether it’s advocating for increased battery rebates or partnering with government to help them administer emissions reduction and renewable energy programs — accelerating home electrification underpins everything we do,” McConnell says.And with many Australians starting to feel the pinch because of skyrocketing energy prices, the transition to renewables needs to be expedited not just for environmental reasons but to also start driving energy costs down in the mid to long term.
David Gall, NAB Executive Corporate and Institutional Banking, says while reducing emissions is a global challenge, “it’s also a global opportunity”. By supporting NAB customers to find innovative financing solutions, “we’re able to help our clients find ways to transition”, says Gall.For example, the bank is helping clients reduce their own carbon emissions and is “actively working with 100 of our largest greenhouse-gas emitting customers, understanding where they are currently, and supporting them as they develop or improve their plans to manage their transition”.
“Since 2003, we’ve completed more than 150 renewable financing transactions and lent over $11.5 billion,” Gall says.While Australia’s big four banks have been relatively recent converts to a cleaner, sustainable future, Australian Ethical Investments have been committed to the idea since 1986. Partly contributing to this strong performance is the fund manager’s commitment to supporting innovative companies attempting to improve society in the long-term such as those in the education, healthcare, and technology sectors.
Olivier Menard, the bank’s Head of Green and Sustainable Finance, Asia Pacific, says the mechanism is not a regulated tool but is a “quite unique methodology in the financial institution universe”.
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