In a step toward a sustainable Australia, the Commonwealth Bank of Australia (CBA) has unveiled two major initiatives aimed at empowering individuals and businesses to embrace energy efficiency and environmental responsibility.
Launched recently, the Home Energy Upgrades service and Australia’s first Sustainable Finance Taxonomy underscore CBA’s role in facilitating the nation’s net-zero transition.
These programs offer practical tools and financial support, addressing both household energy costs and large-scale corporate sustainability, while aligning with Australia’s broader climate commitments.
The Home Energy Upgrades service is a comprehensive platform designed to simplify the adoption of energy-efficient technologies for Australian homeowners.
With rising energy costs and growing environmental awareness, CBA has partnered with Brighte and Wattle Powr to offer tailored solutions, including solar panels, battery storage, and EV chargers.
According to Rewiring Australia, a fully electrified home with solar panels and an electric vehicle could save households up to $2,300 annually, based on a 9kW solar installation and average energy use.
Through the CommBank app, customers can access personalized home energy assessments, calculate potential savings, and connect with accredited local installers from Brighte’s network, all adhering to stringent safety standards set by Solar Accreditation Australia (SAA).
The service streamlines the process by providing quotes, managing installations, and offering exclusive financing options.
CBA home loan customers can secure a discounted unsecured fixed-rate personal loan at 3.99% p.a., supported by the Clean Energy Finance Corporation’s (CEFC’s) Household Energy Upgrades Fund.
Non-CBA customers can also benefit from up to $1,500 in cashback when funding loans through Brighte’s Brighte’s accredited vendors.
Additionally, eligible households can tap into government rebates, making electrification more affordable.
Joel Larsen, CBA’s General Manager, Lending, emphasized the initiative’s role in demystifying home energy upgrades.
He said:
“The process can feel complex and costly. Our service simplifies exploration and implementation, helping customers reduce their carbon footprint.”
CEFC’s Grace Tam, Head of Consumer Finance, highlighted the program’s alignment with the Australian Government’s Cheaper Home Batteries Program, noting its potential to lower financing barriers and energy bills.
This initiative reflects CBA’s commitment to supporting households amid cost-of-living pressures while advancing sustainable living.
Recently, the Australian Sustainable Finance Institute (ASFI) launched Australia’s first Sustainable Finance Taxonomy, a science-based classification system to identify environmentally sustainable activities.
Developed with input from CBA’s Head of Sustainable Finance & ESG, Charles Davis, and ASFI Executive Nicole Yazbek-Martin, the taxonomy provides a standardized framework for businesses, financial institutions, and investors.
Tailored to Australia’s economic and environmental context, it initially covers six priority sectors, including energy and industry, with plans for expansion.
The taxonomy defines “green” and “transition” activities to combat greenwashing and guide capital toward credible sustainability projects.
For instance, renewable energy generation qualifies as “green,” while low-carbon cement production may be classified as “transition” if it meets emissions benchmarks and decarbonization plans.
This clarity enhances transparency, supports mandatory climate reporting set to roll out in 2025, and aligns with global standards.
CBA is among nine major financial institutions participating in a pilot program to test the taxonomy’s real-world applications, refining its role in driving Australia’s green economic transformation.
Charles Davis highlighted the taxonomy’s significance:
“It’s a common language that fosters trust and directs investment to where it’s needed most.”
By providing sector-specific guidance, the taxonomy empowers corporates to navigate mandatory climate disclosures and investors to assess alignment with net-zero goals.
This initiative positions Australia as a leader in sustainable finance, ensuring capital flows efficiently toward projects that support the 2050 net-zero target.
CBA’s dual initiatives demonstrate a holistic approach to sustainability, bridging individual action with systemic change.
The Home Energy Upgrades service empowers households to save money and reduce emissions, while the Sustainable Finance Taxonomy lays the groundwork for large-scale green investment.
Together, they reflect CBA’s commitment to a coordinated, affordable, and transparent transition to a net-zero economy.
As Australia navigates global economic and environmental challenges, CBA’s efforts provide a roadmap for progress.
By leveraging technology, partnerships, and financial innovation, the bank is helping Australians— from homeowners to corporates— take meaningful steps toward a sustainable future.