Commonwealth Bank of Australia (CBA) is launching a new tool to help SMEs to embed sustainability into their operations.

CBA’s new Sustainability Action Tool provides insights into actions businesses can take to reduce their environmental impacts and lower costs.

CBA research shows that the cost of becoming sustainable (61%), finding sustainable suppliers (30%) and a lack of time and resources (28%) are the top pain points for SMEs seeking to embed sustainability into their business model.

The CBA Sustainability Action Tool is designed to help small business customers identify sustainable choices for their processes and operations. And it provides them with a selection of resources and actions based on their responses to a few simple questions.

CBA Sustainability Action Tool: initial focus on energy, transport, waste management

The new tool will be expanded in the coming months to include information on other sustainability topics. These include supply chain management, product design and wellbeing.

CBA Executive, Kerryn Saward, said: “It is clear small business owners have a strong interest in sustainability. They are already implementing sustainable practices in their business.

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“This is reinforced by our own data. This shows small businesses continue to prioritise sustainability. Financing of electric vehicles for small businesses is doubling year on year.

“However small business owners are time poor. They are looking for more tangible and practical sustainability solutions that can be incorporated in their businesses easily. And with minimal effort and time.

“They also want to be empowered with information and knowledge that can lead them in the right direction to aligning themselves with the right businesses.”

The CommBank Sustainability Action Tool will enable small business owners to identify simple changes they can make today. In addition, it includes larger scale work, that could have a big impact on the environment and reduce business costs.

The first phase of the tool will be rolled out in May to all NetBank users. Ongoing new content will be added from July.

The launch of the tool follows CBA’s recently launched Green Vehicle and Equipment Finance. This supports businesses of all sizes to invest in assets to improve sustainability and boost productivity.