17 Sep 2020

NAB welcomes $1.9 billion investment package into future technologies to lower emissions

Commenting on the Federal Government’s $1.9 billion investment package into future technologies to lower emissions, Group Executive – Corporate and Institutional Banking David Gall said:

NAB welcomes the $1.9 billion investment package into future technologies to lower emissions, announced by the Federal Government today.

This package includes investment into the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in agriculture, manufacturing, industry and transport. It will play a key role in reducing emissions, creating new jobs and supporting Australia’s economic recovery in the months and years ahead.

Renewables offer a pathway to transition Australia’s economy. We are fortunate to benefit from some of the best wind and solar resources in the world.

Earlier this year, NAB surveyed a broad cross-section of small to medium business owners right across Australia. We knew climate change mattered to our customers, but we didn’t appreciate just how much it mattered to them.

Ninety per cent of surveyed Australian SMEs expressed concern about climate change risk and the environment. We also discovered 55 per cent of SMEs intended to switch to renewable energy sources. Roughly the same percentage intended to also switch to greener equipment and infrastructure.

Since 2003, NAB has arranged AUD$10 billion in renewable energy project finance, backing more than 130 domestic and global transactions involving wind farms and solar parks. More recently, we were the first financial institution to join the Australian Hydrogen Council, whose members are leading the development of a national hydrogen industry.

In this rapidly evolving environment, we stand ready to provide support and innovative solutions to customers in the transition to a low-carbon economy.

Now is the time to make long-term business decisions focused on resilient and sustainable principles.

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