NAB has launched Green Finance for Commercial Real Estate (CRE) to help support investment in – or the development or retrofit of – eligible, commercial buildings.
Backed by Australia’s largest business bank, NAB Green Finance for CRE assists commercial real estate customers fund projects intended to reduce greenhouse gas emissions.
NAB Executive Business Lending, Rowan Munchenberg said NAB Green Finance for CRE was another practical example of NAB supporting its customers to decarbonise, adapt and improve climate resilience.
“As Australia continues to transition toward net zero, we’re working alongside our customers as they respond to changing consumer demand and strive to decarbonise,” Mr Munchenberg said.
“With about 10% of Australia’s greenhouse gas emissions stemming from the operations of commercial buildings, there is clearly a need to mitigate the sector’s environmental impact and reduce its greenhouse gas emissions.
“Business owners know there are significant economic and environmental opportunities in reducing emissions, but they need commercial solutions to assist them.”
In addition to Green Finance for CRE, NAB has also invested in a bank-wide climate training program with Melbourne Business School, to provide colleagues with the knowledge and skills to better support customers with their transition efforts.
“Our climate trained CRE bankers are working with eligible customers, offering insights and expertise to help advance the development of specific commercial real estate projects,” Mr Munchenberg said.
“With increasing evidence commercial buildings with stronger environmental ratings achieve more favourable economic outcomes, it’s likely demand for energy efficient and environmentally friendly commercial property will continue to grow.”
NAB Green Finance for CRE forms part of the NAB Green Business Lending Framework and uses independent NABERS and Green Star ratings to assess the environmental performance of buildings.
More information on NAB Green Finance for Commercial Real Estate is available here
ENDS
Notes to editor
- NAB Green Finance for Commercial Real Estate supports investment in:
- The purchase of existing commercial buildings with a current National Australian Built Environment Rating System (NABERS) Energy rating of at least 5.5 stars.
- The development of new commercial buildings, which have achieved a Green Star Design review rating and are on track to receive a Green Star rating of 5 or above.
- Retrofit projects for building performance upgrades that demonstrate at least a 30% reduction in emissions intensity from their existing baseline rating and subject to a NABERS commitment agreement.
- DNV Business Assurance Australia Pty Ltd (DNV) provided a second party opinion to NAB confirming that the NAB Green Business Lending Framework aligns with the Green Loan Principles (February 2023) published by the Asia Pacific Loan Market Association, the Loan Market Association and the Loan Syndications and Trading Association.
- Further eligibility criteria apply. For more details please visit the NAB Green Finance for CRE webpage.
