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CBA (ASX:CBA) share price dips despite the launch of discount green loans

Here are all the details of the bank’s latest green push
The post CBA (ASX:CBA) share price dips despite the launch of discount green loans appeared first on The Motley Fool Australia. –

The Commonwealth Bank of Australia (ASX: CBA) share price is sliding today despite the bank launching a pilot for ‘green’ agricultural loans.

The bank will be trialling Agri Green Loans, giving farmers and producers discounted rates for investing in environmentally friendly initiatives.

At the time of writing, the CBA share price is $97.72, 1.28% lower than its previous close.

While the CBA share price is suffering, the broader market is gaining. The S&P/ASX 200 Index (ASX: XJO) is currently 0.23% higher.

However, the biggest bank isn’t alone in its struggles. All of the big four are in the red on Thursday.

Right now, the share prices of National Australia Bank Ltd (ASX: NAB), Australia New Zealand Banking Group Ltd (ASX: ANZ), and Westpac Banking Corp (ASX: WBC) have slipped by 0.8%, 1.2%, and 0.7% respectively.

Let’s take a look at what CBA announced on Thursday.

CBA share price falls amid loan trial

The bank is trialling a new loan offering aimed at helping those in the agriculture sector reduce their environmental footprint.

The loans will go to those working to reduce emissions, sequester carbon, improve soil health, and protect waterways, among other activities.

Doing so will help enhance natural resources, make properties more resilient to climate variability, and boost production and income.

CBA group executive of business banking, Mike Vacy Lyle, commented on the pilot, saying:

From planting shelter belts of trees, to water use efficiency projects, we want to support customers who are adapting to the changing climate and protecting the environment in which they operate. An important part of the loan will be verification with the customer that the funds are used for defined, eligible purposes.

The first pilot loan is going to Victorian tomato grower, Katunga Fresh. The loan will help the business fund the improvement of its glasshouses, making them more efficient and less carbon intensive.

The post CBA (ASX:CBA) share price dips despite the launch of discount green loans appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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