CEFC incentives to boost electric vehicle uptake

Electric vehicle parking, EVs

The Clean Energy Finance Corporation (CEFC) has given the ‘green light to green transport’.

A new agreement between the Clean Energy Finance Corporation (CEFC) and commercial auto and equipment lender Metro Finance will incentivise customers to choose lower emissions passenger and light commercial vehicles to help cut Australia’s vehicle emissions.

Metro Finance is launching Metro Green, an initiative that will use up to $50 million in CEFC finance to offer customers a 0.7 per cent discount on Metro’s standard finance rate if they purchase low emissions vehicles, including electric vehicles and hybrids.

CEFC CEO Ian Learmonth said reducing transport-related carbon emissions was a critical focus area for the CEFC, particularly through its Sustainable Cities Investment Program, which supports projects and programs that contribute to the energy productivity of Australia’s cities and regions.

“With the Metro Finance Metro Green initiative, we’re giving a green light to ‘green’ transport choices,” Mr Learmonth said.

“Transport is responsible for around 16 per cent of Australia’s greenhouse gas emissions.

“This could be dramatically reduced if businesses replace their old vehicle fleets with best-in-class models.

“The scale of emissions reduction that can be achieved through upgrading vehicles with already available technology is staggering.”

Mr Learmonth said National Transport Commission figures show if Australian consumers had purchased vehicles with best-in-class carbon emissions in 2016, national average carbon emissions would have been reduced by 59 per cent.

“Those figures don’t include electric vehicles, which have zero tailpipe emissions,” he said.

Metro Finance chief executive Phillip Crossman said the company’s goal is to put more customers into low emissions vehicles.

“The CEFC’s finance makes it possible for us to offer a discount to encourage customers to choose vehicles that will have a lasting positive impact on the environment,” Mr Crossman said.

“To make it easier, we’re providing our brokers with statistics and standards on vehicles and equipment that qualify for the discount.

“That way they can demonstrate to customers what makes a ‘green’ choice a good choice.”