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Bank announces 100% EV Electric Vehicle Car fleet by 2027, bans fossil-fuelled cars

TMBL more than doubles our previous climate investment with $2 million investment in a 100% EV corporate car fleet by 2027.

  • $2 million investment in a 100% EV corporate car fleet by 2027. Over six years, from 2022 to 2027, for 31 EVs and 12 charging stations at four Bank offices in Sydney (Homebush and Rooty Hill), Brisbane, and Perth, plus 2 EV utes. 
  • EV spend more than doubles our previous climate investment. The $2 million investment in EVs only for six years (2022-2027) is 250% higher than that of the six years prior (2016-2021) $0.8m for all climate reduction technologies (PVs, LEDs, energy efficiency). 
  • 30-fold increase of EV scale. This $2 million EV investment is 31 times that made in an EV car in 2013.    
  • $2.8 million to cut emissions since the Paris Agreement in 2015. This is the Bank’s total and committed investment to reduce its direct greenhouse gas emissions from offices, buildings, and cars, which to date has cut emissions by 56% with an 88% growth in assets. 
  • Ban on purchasing fossil fuel cars. In 2022, the last petrol car was purchased by the Bank and fossil fuel fleet cars were down to 34 from a peak of 60 in 2018, largely due to COVID-19. 
  • EVs more cost effective than Fossil fuel cars over 5 years. The business case for a 100% EV switch of 31 EVs is more cost effective with a phased fleet transition over five years. Whilst an EV is 1.7 times more than a petrol car, ($63,298 vs $38,233) running costs are far lower ($7,000 vs.$49,336). 
  • EV powering home visits for members. By 2027, any member who receives a visit from a Bank representative that drives to their home or work; will only be driving an EV car.
  • 100% green powered, but at the Bank’s premises only. The EVs will run on 100% renewable electricity when charged at the office, however when charged at home or elsewhere it will be from the grid which is about 24% renewables. 
  • Million Kilometre switch. By 2027, the EVs will have travelled 1.38 million kilometres (92x around Australia), and then travel 465,000kms per year. At its peak, pre-COVID-19, Bank staff were driving more than 1.2 million kms in petrol and diesel cars across NSW, Victoria, Queensland and WA. 

The Bank’s corporate car fleet 

The Bank has 12 offices nationally and has always had fleet cars for its member facing teams to visit thousands of members around Australia in their homes, at schools, or at teaching conferences and events. One staff member noted that he had driven more than 1 million kilometres to hundreds of schools. In recent years with a shift to digital and online banking, the amount of travel has decreased.

Read our briefing here