Commonwealth Bank of Australia (CBA) has introduced a new Sustainability Action Tool aimed at assisting businesses in minimizing their environmental footprint while also reducing costs.
Recent research from CBA reveals that small and medium-sized enterprises (SMEs) face significant challenges in their sustainability efforts, with 61% indicating that the costs of becoming sustainable are a major concern. Additionally, 30% struggle to find sustainable suppliers, and 28% cite a lack of time and resources as barriers to implementation.
The Sustainability Action Tool is crafted specifically for small business customers, enabling them to explore sustainable alternatives for their operations. By answering a few straightforward questions, users gain access to tailored resources and actionable insights.
Initially, the tool will concentrate on three key areas: energy management, transportation, and waste reduction. Plans are in place to broaden the scope in the coming months, incorporating additional sustainability themes such as supply chain management, product design, and employee well-being.
Kerryn Saward, a CBA Executive, emphasized the tool’s value for small business operators. “The CommBank Sustainability Action Tool empowers entrepreneurs to identify immediate, manageable changes they can implement, as well as larger initiatives that can significantly benefit the environment and lower operational costs,” she stated.
She added that practical steps may include conducting energy audits in collaboration with energy providers, embracing advanced technologies such as cloud computing, and understanding effective strategies for reducing or responsibly disposing of difficult-to-recycle waste.
The initial rollout of the tool is scheduled for May, accessible to all NetBank users. New content and features will continue to be introduced beginning in July.