CBA enhances sustainability tool for small businesses with new partnerships

SME Banking
20/05/2024 News

Commonwealth Bank of Australia (CBA) has upgraded its Sustainability Action Tool by partnering with BioPak and EnergyFlex to help small businesses achieve sustainability goals more effectively.

The Sustainability Action Tool, launched in 2023, is the first of its kind offered by an Australian bank. It helps small businesses improve environmental outcomes and reduce operating costs by providing resources to identify sustainable choices. The latest enhancements include:

• BioPak Partnership: A 10% discount on BioPak’s certified home and industrially compostable packaging products.

• EnergyFlex Collaboration: Access to EnergyFlex’s app, which helps businesses save money by analyzing energy consumption data and suggesting changes to reduce energy use and costs.

Kerryn Saward, CBA’s General Manager for Everyday Business Banking, highlighted the tool's benefits: “Our research shows that small businesses face significant challenges in embedding sustainability into their operations, primarily due to costs, finding sustainable suppliers, and lack of time and resources. Our Sustainability Action Tool addresses these pain points, allowing business owners to answer a few quick questions and access tailored information in one easy-to-navigate resource.”

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

Garry Harding, CEO of EnergyFlex, expressed enthusiasm about the collaboration: “The rising cost of energy pressures small businesses and impacts the entire supply chain. We're excited to work with CBA’s Sustainability Action Tool to help businesses reduce costs and carbon emissions by better understanding the renewable energy transition.”

Founded in 2006, BioPak is a leader in compostable foodservice packaging. CEO Gary Smith said, “We’re proud to be part of this project, helping businesses work towards circular economy solutions that prioritize the planet. There’s a significant shift in attitudes towards sustainability, with many SMEs seeking meaningful ways to minimize their environmental impact.”

By integrating these new partnerships, CBA aims to support small businesses in making sustainable choices that are both environmentally friendly and cost-effective.

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