CEFC and Metro Finance program gives green light to green transport choices

13 February 2018

A new agreement between the Clean Energy Finance Corporation (CEFC) and major 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, which has an extensive broker network across Australia, 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. National Transport Commission figures show that 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.”

Metro Finance Chief Executive Phillip Crossman said: “Our goal is to put more customers into low emissions vehicles by providing our broker network with opportunities to influence their customers.

“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.

“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.”

Metro Finance offers Commercial Hire Purchase, Chattel Mortgage and Finance Lease products through its broker network. Brokers using the Metro Finance Metro Green website will be able to quickly identify if a vehicle qualifies for the discount. If not, the system recommends alternate qualifying lower emissions vehicles.

“In this way, Metro Finance will be leading the movement to promote green finance within the transport industry which it regards as an inevitable progression,” Mr Crossman said.

ABOUT METRO FINANCE

Metro Finance is a first-tier prime commercial auto and equipment lender. Metro originates its lending through commercial auto and equipment brokers and the aggregator industry nationally, Metro Finance is Australian owned and provides brokers with an alternative to bank funding by providing efficient, courteous and friendly service. metrofin.com.au