CBA, Westpac, NAB and Bank Australia say a national energy ratings scheme would help cut household emissions.
Major banks want a national, standardised star-based rating system measuring the energy efficiency of homes, to help reduce the credit risk associated with lending to borrowers living in inefficient properties susceptible to bill shock.
A joint statement on the idea, which was under consideration by the Morrison government, was released by the three biggest mortgage lenders – Commonwealth Bank, Westpac and National Australia Bank, along with Bank Australia – ahead of a roundtable with finance sector executives and Treasurer Jim Chalmers in Brisbane on Friday that will examine ways to encourage the adoption of cleaner energy.
More than 1.3 million detached houses in Victoria alone are estimated to have a NatHERS rating of two stars or less. The Energy Efficiency Council estimates moving a one-star house to four stars home can cut the average energy bill in half while also improving quality of life reducing federal health costs.
Improving data on customer emissions will also reduce regulatory risk, especially around greenwashing; having made commitments to get to net zero by 2050, attention is quickly focusing on how to get there and banks want to be able to quantify improvements.
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