To ensure it continues to protect the best interest of New Zealanders and be the bank that helps make Kiwi better off, Kiwibank will ensure it continues to withhold banking services from entities outlined in its Responsible Business Banking policy, including sectors such as fossil fuels, casinos, military grade weapons and tobacco.
Kiwibank Head of Sustainable Finance Tom Williams says: “Around half of SMEs are already taking active steps to improve sustainability, but when it comes to measuring their emissions, many don’t know where to start or are too busy running their businesses to take further action.
“To achieve our nation’s goal to reduce emissions every Kiwi business needs to take action. Kiwibank will be encouraging businesses to make better decisions by mainstreaming access to sustainable finance and giving those businesses the ability to easily track their carbon footprint.”
Cogo utilises categorised transactional data – such as spend on electricity and fuel - and assigns a carbon footprint to each transaction. At no cost, and in just a few clicks qualifying Kiwibank business banking customers will be able to measure their carbon footprint based on spending. The web-based app will also provide suggestions and guidance on how to reduce business emissions and improve efficiency.
The New Zealand-owned, B Corp certified bank is the first bank in Aotearoa to launch a digital carbon management tool for its business banking customers.
Cogo APAC CEO Julie Lindenberg says: “As a country, New Zealand has always been vocal about reducing greenhouse gas emissions - but achieving this will take leadership. Our collective action can have a dramatic impact in terms of addressing climate change.
“Kiwibank is leading the banking industry in New Zealand by recognising the key role banks have to play in enabling individuals and businesses to spearhead this change. The time to reduce our carbon footprint is now. We cannot wait. We’re proud to be the go-to solution for change for the world’s largest banks, and we’re excited about kicking off this change in Aotearoa, in partnership with Kiwibank.”
Cogo will be available to some Kiwibank business customers as soon as September 2022. Customers can register their interest by emailing: firstname.lastname@example.org
Kiwibank Sustainable Business Loans will be available to business banking customers from 26 September 2022. Sustainable uses of the loans include:
- NZGBC Green Star five or above & Homestar eight or above buildings
- Energy efficiency improvements, renewable energy generation/storage, equipment electrification, decarbonising process heat, and low emission charging infrastructure
- Transportation, electric or hydrogen light vehicles, low emission heavy vehicles
- Circular economy including sustainable packaging, waste infrastructure and carbon capture and storage
- Purpose-led and B Corp certified organisations
Kiwibank is a purpose-led organisation and in 2023 has committed to delivering $100m in sustainable finance. It is also committed to providing $2 billion in financial support to SMEs towards their sustainability journey by 2030. Recently it achieved B-Corp certification in 2021 and was recognised as winners of the 2022 INFINZ ESG Award. Its Responsible Business Banking Policy puts the interests and values of Kiwi ahead of short-term business considerations, backed by the belief that this will have a positive impact on New Zealand, its people and the environment over years to come.
Read more about Kiwibank’s sustainability approach.