Sydney, Australia: Going all in on renewable power is a smart business decision, says Bank Australia as it calls on more companies to seize the opportunity to lead the growing corporate push for clean energy in Australia.
The call comes as Bank Australia joins RE100, the global business initiative on 100% renewable power led by The Climate Group, the international non-profit committed to accelerating climate action, in partnership with CDP.
By joining a global movement on renewables and calling for others to follow, the company will have greater impact on driving the shift to clean energy markets and deliver on its existing commitment to source 100% renewable electricity by 2020.
Through its commitment, Bank Australia will cut its global emissions by more than half while securing electricity at low cost and responding to customer demand for leadership in growing renewable power markets.
Bank Australia has already seen significant financial benefits from its existing renewable projects as the price of renewable energy has fallen. In 2015, the company doubled the size of its existing solar rooftop project on its Victoria headquarters for a quarter of the original price.
Sam Kimmins, Head of RE100, The Climate Group, said: “As global renewable energy prices continue to drop, Australian companies are waking up to the business benefits of sourcing clean power. 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.”
Damien Walsh, Bank Australia Managing Director, said: “Clear action on climate change is something our customers expect of us, and it’s a key reason people join Bank Australia. 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.”
Jon Dee, RE100 Australia Coordinator, who is helping The Climate Group with the development of RE100 in Australia, said: “Australian companies are starting to see the bottom line benefits of renewable energy. 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.”
The potential for corporate sourcing of renewables in Australia continues to grow as investment in clean power ramps up. In 2018, renewables investment in Australia totalled more than AUD$ 20 billion.
Australia could be powered by 100% renewables by 2032 at current rate of solar and wind installation, say researchers at Australian National University.