GoZero Group has kickstarted its groundbreaking GreenSchools1000 initiative with the support of an $80 million asset finance facility from Commonwealth Bank (CBA).
The funding will play a crucial role in GoZero’s mission to revolutionise school transportation by replacing existing diesel school charter coach services with electric buses across Australia.
The partnership between GoZero Group and CBA marks a significant step forward in the transition towards sustainable mobility solutions, CommBank said in a news release.
With the financing provided by CBA, GoZero Group aims to accelerate the adoption of electric coaches in the school transportation sector, beginning with independent schools in Sydney, including prominent institutions such as Queenwood, Knox Grammar, and Scots College.
Founded in 2020, GoZero Group has quickly emerged as a leading manufacturer and integrator of zero-emission solutions and vehicles for business and government fleets.
The funding secured from CBA will be utilised to expand GoZero’s charter business, the NSBC Group, which specialises in providing electric coaches for school transportation services.
Stephen Cartwright, CEO of GoZero Group, highlighted the growing demand for electric buses in the schools market, emphasising the importance of reducing carbon emissions and ensuring a healthy environment for students.
“With zero fumes and all coaches being seat belted, the GoZero electric coaches help with the overall health and well-being outcomes for students,” said Cartwright.
Research conducted by The Australia Institute reveals that buses, while constituting just 0.5 per cent of Australia’s registered vehicles, contribute up to six per cent of key air pollutants and produce approximately 1.4 million tonnes of CO2 equivalent pollution annually—highlighting the urgent need for decarbonisation efforts.
Jane Thomson, general manager of the Major Client Group NSW at CBA, underscored the bank’s commitment to supporting sustainability initiatives like GoZero’s GreenSchools1000.
“CBA is proud to be part of GoZero’s electrification initiative. As Australia’s leading business bank, we’re committed to supporting businesses, projects, and assets that will drive our nation’s transition to a brighter, more sustainable future,” said Thomson.
CBA’s involvement in financing GoZero’s electric coaches aligns with the bank’s broader sustainability goals outlined in its 2030 Sustainability Funding Target (SFT).
Through the SFT, CBA aims to deliver $70 billion in cumulative funding across various sustainable industries and asset types, including renewables, energy efficiency, low carbon transport, and more.
To further showcase its commitment to sustainability, GoZero Group will be featured at Commonwealth Bank’s upcoming sustainability conference, Momentum: Accelerating Australia’s Transition.
The event, scheduled for 12 March at the Sydney International Convention Centre, will bring together leaders from across sectors to share ideas and solutions for accelerating Australia’s transition to net-zero emissions.