Commonwealth Bank (CBA) has closed $80 million in asset finance facilities with GoZero Group. The financing is being utilised in part to source and ultimately replace existing diesel school charter coach services with electric buses for independent schools in Sydney, including Queenwood, Knox Grammar and Scots College, through GoZero's charter business the NSBC Group.
Founded in 2020, GoZero is a leading manufacturer and integrator of Zero Emission solutions and vehicles for business and government fleets. The funding is a key component of GoZero's GreenSchools1000 initiative which aims to roll out 1000 electric coaches to service schools across Australia.
"There has been an increased appetite for electric buses in the schools market", said Stephen Cartwright, CEO of GoZero. "Schools are not only interested in reducing their carbon emissions, they also want a healthy and safe environment for students. With zero fumes and all coaches being seat belted, the GoZero electric coaches help with the overall health and well- being outcomes for students."
According to research by The Australia Institute1, buses make up just 0.5 per cent of Australia's registered vehicles, but account for up to 6 per cent of key air pollutants and produce roughly 1.4m tonnes of CO2 equivalent pollution each year-equivalent to the ACT's total annual emissions.
This presents a significant opportunity for decarbonisation - replacing Australia's bus fleet with zero emissions buses can utilise electrification technologies already available today while reducing our nation's overall carbon footprint, said Jane Thomson, General Manager, Major Client Group NSW at CBA.
"CBA is proud to be part of GoZero's electrification initiative. As Australia's leading business bank, we're committed to supporting businesses, projects and assets that will drive our nation's transition to a brighter, more sustainable future. Financing GoZero's electric coaches is one of the many ways we're delivering on our Sustainability Funding Target and supporting mid-market companies with progressing toward their net zero ambitions," said Ms. Thomson.
CBA's commitment to supporting customers with their sustainability transition is reflected in the bank's 2030 Sustainability Funding Target (SFT). As part of the SFT, CBA aims to deliver $70 billion in cumulative funding across a range of sustainable industries and asset types including renewables, energy efficiency, low carbon transport, commercial property, land and agriculture, waste management and sustainability-linked lending.
GoZero Group will be featured at Commonwealth Bank's third sustainability conference, Momentum: Accelerating Australia's Transition, to be held 12 March at the Sydney International Convention Centre. CBA's Momentum brings together leaders across business, government, science and more to share ideas and solutions for accelerating Australia's transition to net zero.
About GoZero Group
GoZero, founded in 2020, is a leading integrator of Zero Emission solutions and vehicles for business and government fleets. GoZero helps public and private transport and logistics operators electrify their fleets and meet their net zero ambitions. Key clients include, Transit Systems Australia, Transport for NSW, UGO Mobility, South Australian government, Tasmanian government, Woolworths, Swissport. www.gozerogroup.com.au
