Bank Australia, one of the country’s largest mutual banks, is calling on Australian business to lead a market-wide shift to renewable power as it becomes the second Australian company to sign up for the 100 per cent renewable power global business initiative, RE100.
The RE100 initiative is led by international non-profit The Climate Group in partnership with CDP (formerly the Carbon Disclosure Project) and brings together companies from around the world who have committed to a 100% renewable power.
With 168 companies committed to sourcing their electricity needs from renewable energy – 75 of which have operations in Australia – the RE100 initiative is wielding more and more power and having an ever-greater say on international climate policies.
The Commonwealth Bank of Australia was the first Australian company to join the RE100 initiative back in late-2018, and is now followed by Bank Australia who, this week, announced its commitment to the initiative and also committed to cutting its global emissions by over half.
Bank Australia has already made significant steps forward in this regard, having signed a Power Purchase Agreement (PPA) as part of the Melbourne Renewable Energy Project which brings together a group of 14 organisations to support the development of a wind farm in Victoria through signing 10-year PPAs.
In 2015, the bank also doubled the size of its existing solar rooftop project on its Victorian headquarters.
“As global renewable energy prices continue to drop, Australian companies are waking up to the business benefits of sourcing clean power,” said Sam Kimmins, Head of RE100, The Climate Group.
“With the country currently at a crossroads between the fossil fuel sources of the past and the clean energy systems of tomorrow, businesses are starting to lead the way.
“Bank Australia is already reaping the financial rewards of its investment in renewable electricity. By joining RE100 and calling on other Australian companies to do the same, the company is now sending a clear message that renewables are the fair, clean and cheap power sources of the future.”
“Clear action on climate change is something our customers expect of us, and it’s a key reason people join Bank Australia,” added Damien Walsh, Bank Australia Managing Director.
“We’ve been working towards 100% renewable electricity since 2015, so we’re pleased to sign up to RE100 and encourage other businesses in Australia to do the same.”
In making their dual commitments Bank Australia is calling on other companies to follow their example and to drive a market-wide shift to renewable power.
“Australian companies are starting to see the bottom-line benefits of renewable energy,” concluded Jon Dee, RE100 Australia Coordinator, who is helping The Climate Group with the development of RE100 in Australia.
“Research shows that a well-negotiated power purchase agreement can potentially provide savings between 15-47% on the energy component of a typical electricity bill. If more companies make the switch to renewable energy, it could have significant benefits across the Australian economy.”