Australian bank will end loans for new gas and diesel cars in shift to electric vehicles

An Australian bank announced this week that it will stop funding loans for new gas and diesel cars in 2025 to encourage the shift to electric vehicles.

"We think that the responsible thing for us to do next, is to ensure that our vehicle lending doesn’t lock our customers in to higher carbon emissions and increasingly expensive running costs in the years ahead," Bank Australia Chief Impact Officer Sasha Courville said in a statement on Friday.

"Ultimately, our announcement today is the beginning of a conversation with our customers and a signal to the wider market that if you’re considering buying a new car, you should think seriously about an electric vehicle – both for its impact on the climate and for its lifetime cost savings."

“Australian bank will end loans for new gas and diesel cars in shift to electric vehicles”

PERFECT way to end access to gas/diesel cars, while still allowing the wealthy (i.e., those with cash) to keep buying buying those cars.

And the funny thing is, without other intervention, the prices for gas/diesel cars will have to get much lower, due to the much smaller customer pool.

everything is ESG, yet 90-plus percent of people worldwide probably don’t have a clue what that means. public in Australia are frustrated they can’t even find out from their Super funds (as they are called) where their money is being invested, but it should be clear:

15 July 2020: MoneyManagement: Australia taking ‘meaningful steps’ to integrating ESG in super
By Laura Dew
Australia’s superannuation system has taken ‘meaningful steps’ to ensure super is addressing environmental, social and governance (ESG) issues, according to research from the Principles for Responsible Investment (PRI).

In its latest report, the organisation compared private retirement systems in Australia, the US and UK and their inclusion of ESG...

Some 81% of for-profit super funds, it said, now had some form of responsible investment...
https://www.moneymanagement.com.au/news/superannuation/australia-taking-%E2%80%98meaningful-steps%E2%80%99-integrating-esg-super

Wikipedia: Superannuation in Australia: ...As of 30 March 2022, Australians have AU$3.5 trillion (over US$2 trillion) invested as superannuation assets, making Australia the 4th largest holder of pension fund assets in the world.

Well, you have just gone ‘logical’.

Maybe this EV scheme is to rid the outback of human life?

Oh, and can I get a Roo Bar on my new EV?

Bank Australia is tiny - it has 16 branches across all of Australia (as a comparison, the 'Big 4' banks each have somewhere in the high hundreds of branches).

By their nature, the cater to niche customers - I'm not surprised they are adopting a policy designed to appeal to a very small number of people - that's their business model.

If and when the big Australian banks start doing this - and they might - I'd worry.

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