The Commonwealth Bank of Australia (CBA) is introducing a new tool during CommBank SmallBiz Week 2023 aimed at assisting small and medium-sized enterprises (SMEs) in integrating sustainability into their operations.
In addition to the recent introduction of Green Vehicle and Equipment Finance, the Commonwealth Bank of Australia (CBA) is now unveiling a new tool further to support businesses in their sustainability initiatives and productivity enhancement.
The tool launch is strategically timed ahead of CommBank SmallBiz Week 2023, scheduled to take place in Melbourne from May 23 to 25. During this event, business owners, government agencies, and industry leaders will convene to address critical sectoral concerns, including the topic of sustainability.
The CBA Sustainability Action Tool offers valuable insights on how businesses can reduce their environmental impact and cut costs. It is specifically designed to aid small business customers in identifying sustainable options for their processes and operations. By answering a few simple questions, users will receive a selection of resources and recommended actions.
Initially, the tool will focus on energy, transport, and waste management. However, in the upcoming months, it will expand to cover additional sustainability topics such as supply chain management, product design, and well-being.
The first phase of the CommBank Sustainability Action Tool will be accessible to all NetBank users starting in May. Ongoing updates and new content will be added from July onwards.
New CBA research shows that the cost of becoming sustainable (61 per cent), finding sustainable suppliers (30 per cent) and a lack of time and resources (28 per cent) are the top pain points for SMEs seeking to embed sustainability into their business model.
This announcement coincides with the Australian government’s extension of the Instant Asset Write-Off scheme as part of Budget 2023. Under this extension, small businesses with an annual turnover below $10 million can immediately deduct the full cost of eligible assets valued at less than $20,000.
CBA Executive, Kerryn Saward, said: “It’s clear small business owners have a strong interest in sustainability and are already implementing sustainable practices in their business.
“This is reinforced by our own data which shows small businesses continue to prioritise sustainability, with financing of electric vehicles for small businesses doubling year on year.
“However small business owners are time poor and looking for more tangible and practical sustainability solutions that can be incorporated in their businesses easily, with minimal effort and time.
“They also want to be empowered with information and knowledge that can lead them in the right direction to aligning themselves with the right businesses.”
“This can include conducting an energy audit with your energy provider, switching to new and improved technology like cloud computing services, and learning about ways to reduce or dispose of hard-to-recycle waste,” Ms Saward said.
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