Australia’s Clean Energy Finance Corp. and fleet leasing Eclipx will set up a A$50 million to support the increased uptake of low emissions vehicles.
The funding package will provide Eclipx’s corporate, government and not-for-profit fleet buyers with access to favourable loan interest rates when choosing eligible low emissions passenger and light commercial vehicles.
“This is an important initiative intended to encourage fleet buyers to select more efficient vehicles,” said CEFC CEO Oliver Yates. “More efficient fleets will reduce emissions as well as reduce operating costs, achieving productivity and environmental gains. Transport is a leading factor in Australia’s greenhouse gas emissions, with light vehicles alone accounting for an estimated 10 per cent of our total emissions. This is clearly an area where we need to take action, and by focusing on fleet buyers we are hoping to see an accelerated uptake of low emissions vehicles.”
Eclipx has over A$1.7 billion of fleet assets under management or financed across Australia and New Zealand. This represents more than 10% of the Australian-funded commercial vehicle leasing market.
In order to be eligible for the CEFC finance, Eclipx customers must ensure the vehicles meet a CO2 emissions threshold that is 20 per cent below the most recently published Australian averages for new passenger and light commercial vehicles. The provision of CEFC finance will provide an incentive for vehicle fleet users to make more emissions-sensitive buying decisions.