To support electric cars, an Australian bank will stop lending for fuel cars from 2025.
August 22, according to foreign media reports, in a statement on Friday, Bank of Australia (Bank Australia) announced that it plans to stop providing loans for new diesel and gasoline vehicles from 2025, which is also part of the commitment announced earlier this year to achieve net zero carbon emissions by 2035.
Sasha Courville, chief impact officer of the Bank of Australia, said it sent a signal to the Australian market in this way that the rapid transition from diesel to electric cars is accelerating and is likely to happen in the next few years. The bank believes that "if there are appropriate support policies, bring more and more affordable electric vehicles to Australia" can be achieved.
But Australian banks will continue to lend to used cars, saying they are keenly aware of the need to support those who cannot afford electric cars as the market grows.
The Bank of Australia has long positioned it as a financial institution that implements sustainable development. In 2019, the bank announced that it would be the first Australian bank to switch 100% to renewable electricity, and the company has been striving to be carbon neutral since 2011, following a series of policies to encourage low-emission cars.
It is reported that it also coincides with the Australian government's announcement of the launch of the national electric vehicle strategy and will soon begin to accept submissions from the automotive industry and other stakeholders. Among them, the core policy that needs to be solved is to introduce fuel efficiency standards and emission reduction plans with practical constraints. The government has said that Australia is "lagging far behind in electric vehicles". The adoption rate of new low-emission vehicles is only 2%, nearly five times lower than the global average, said Chris Bowen, the minister of climate change and energy. the lack of such standards is considered to be one of the factors affecting the supply and cost of electric vehicles.
