Teachers Mutual Bank commits to an electric fleet
The bank has committed to electrifying fleet cars and trucks by 2027 in $2 million investment
19 May 2023
After banning the purchase of new fossil fuel cars in their company fleet last year, Teachers Mutual Bank Limited has gone one step further towards zero emissions transport by committing to electrify 100% of their car and ute fleet by 2027.
As part of their commitment, Teachers Mutual Bank Ltd will:
- Invest $2 million in the electric vehicle transition over 4 years, which more than doubles their climate investments of the past 6 years
- Purchase 31 Kia Niro cars and 2 electric utes to replace their current fleet vehicles by 2027
- Install 10 charging stations at their offices across Australia, which will be powered by renewable energy
Teachers Mutual Bank Limited (TMBL) said they chose vehicles with more than 400km of range, as the vehicles will be used to visit members in regional areas.
Transport is the fastest growing source of climate pollution in Australia, accounting for nearly 20% of emissions. Companies have a responsibility to drive down these emissions, as 4.5 million vehicles in Australia belong to businesses.
A key part of doing this means transitioning fleets to electric, and powering them with renewables.
Electric fleet commitments not only reduce companies’ transport emissions, but also help make getting an electric car a lot easier for everyday Australians.
That’s because passenger fleet vehicles – like the cars TMBL operate – are typically only used for 3-5 years before being sold onto the second-hand car market.
And because over 40% of new car sales each year are for fleets, electric fleet commitments have an outsized impact on getting more electric vehicles on Australian roads.
Corin Millais, Head of Socially Responsible Banking at TMBL has said that he wants this commitment to push other banks and businesses in Australia to go electric by 2030.
And we couldn’t agree more! As part of our Electrify Fleets campaign, we’ve ranked leading Australian companies – including the big banks – based on their electric fleet commitments.
Which Aussie bank will be next to electrify its cars and utes? Check out the rankings to see which are in the fast lane, and which are stalling on climate action.