Commonwealth Bank of Australia (CBA) has partnered with BioPak and EnergyFlex to enhance its Sustainability Action Tool, aiming to support small businesses in achieving their sustainability goals.
These partnerships are designed to help businesses save money and reduce operational costs by integrating sustainable practices, CBA said in a news release.
The Sustainability Action Tool, launched in 2023, is an innovative resource offered by CBA to assist small businesses in improving their environmental impact while cutting down on expenses.
This tool is claimed as the first of its kind from an Australian bank, specifically targeting the unique challenges faced by small businesses in adopting sustainable measures.
The recent upgrades to the tool include a 10 per cent discount on BioPak’s certified compostable packaging products and access to EnergyFlex’s new app, which provides detailed energy consumption analysis and cost-saving recommendations.
CBA’s General Manager for Everyday Business Banking, Kerryn Saward, highlighted the importance of these enhancements.
“We know through our research that the top pain points for small businesses seeking to embed sustainability into their business model are costs, finding sustainable suppliers and a lack of time and resources,” Saward stated.
EnergyFlex CEO Garry Harding, who co-founded the start-up with fellow Royal Australian Air Force veteran Craig Phasey, emphasized the financial and environmental benefits.
“The ever-increasing cost of energy adds real pressure to any small business and impacts the entire supply chain. We are very excited to work with CBA’s Sustainability Action Tool and help small businesses drive down cost and carbon emissions by better understanding the renewable energy transition,” said Harding.
BioPak, established in 2006, is a leader in compostable foodservice packaging.
CEO Gary Smith expressed pride in contributing to the project, stating, “We’re incredibly proud to be part of this project helping businesses work towards circular economy solutions that put the planet first.”
He added, “We are witnessing a shift in attitudes and significant momentum with regards to sustainability, with so many SMEs looking to find meaningful ways to help minimise their environmental impact.”
The tool’s expansion precedes CommBank SmallBiz Week 2024, scheduled for 28 to 30 May. This event will bring together business owners, government agencies, and industry leaders to discuss crucial issues, including sustainability.
For more information about the Sustainability Action Tool, visit: commbank.com.au/sat.
