A $50 million CEFC-financed program is encouraging business, government and not-for-profit fleet buyers to choose low emissions vehicles.
The CEFC's finance allows Eclipx Group, one of Australia's largest independent fleet leasing companies, to offer favourable loan interest rates for customers when they invest in passenger and light commercial vehicles satisfying low emissions benchmarks.
Transport is a leading contributor to Australia's greenhouse gas emissions. By focusing on fleet buyers, the CEFC is hoping to see an accelerated uptake of low emissions vehicles.
By early June 2017, Eclipx, through its Fleet Partners business, had financed 941 vehicles, including 845 passenger cars under the program, which had been operating since November 2015.
To be eligible for the CEFC finance, vehicles chosen by Eclipx customers must meet a carbon emissions threshold that is 20 per cent below the most recently published Australian averages for new passenger and light commercial vehicles.
Average emissions per kilometre travelled for cars financed through the Eclipx program are 27.1 per cent below the national average and 8.8 per cent below the eligibility benchmark.
Light commercial vehicles financed are beating the average by 31.2 per cent and the benchmark by 14.0 per cent.
The CEFC finance is available through an Eclipx sponsored, publicly-rated securitisation warehouse, providing a significant demonstration of the potential of alternative funding structures to finance low emissions technologies. This is in line with the CEFC's focus on financial innovation, achieving lower emissions and higher energy productivity.