CBA improves small business sustainability tool

Bank taps Aussie companies to help small businesses attain sustainability

CBA improves small business sustainability tool

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Commonwealth Bank is now working closely with BioPak, an eco-friendly packaging manufacturing company, and energy start-up EnergyFlex to improve its Sustainability Action Tools, aimed at helping small businesses attain their sustainability goals.

The first of its kind in Australia, CBA’s Sustainability Action Tool was introduced in 2023 and was specially designed to assist small enterprises in making their environmental outcomes better and reducing their production costs by providing them assistance in finding sustainable materials for their businesses.

CBA said it recognised that finding a reliable source of sustainable, yet affordable raw materials for their production could be problematic and costly.

“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,” said Kerryn Saward, CBA’s general manager for Everyday Business Banking.

“Our Sustainability Action Tool addresses these pain points – instead of spending their limited time visiting different websites, business owners can simply answer a few quick questions and access a range of information that best suits their needs in one easy-to-navigate resource.”

EnergyFlex co-founder and CEO Garry Harding said the usage of the sustainability tool will bring better financial and environmental outcomes to the client. Harding co-founded EnergyFlex with Craig Phasey. Both are Australian Air Force veterans.

“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,” Harding said.

BioPak also expressed high hopes that its partnership with CBA through its Sustainability Action Tool will have a positive environmental and economic impact in the region.

"We’re incredibly proud to be part of this project helping businesses work towards circular economy solutions that put the planet first,” said BioPak CEO Gary Smith.

“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.”

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