Bank no longer finances combustion engines

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Bank no longer finances combustion engines
A bank will give up combustion engine loans from 2025. (Image source: IMAGO / MiS)

In Australia, a bank has announced its very own exit from combustion engines. From 2025, there should be no more loans for cars with classic petrol or diesel engines. Only electric vehicles will then be financed.

E-cars: Bank gives up internal combustion engine loans

The cooperatively organized Bank Australia has announced that no more loans from 2025 to be awarded, which are used to finance cars with classic drives. The decision was made against the background of becoming completely CO₂-neutral by 2025.

According to Chief Impact Officer Sasha Courville, Bank Australia’s move is as “a signal to the Australian market” after “a rapid acceleration of the transition from internal combustion to electric vehicles is expected” in the next few years. The year 2025 was chosen because the switch to electric vehicles “must happen quickly”. With the right policies, it is possible to bring more affordable electric vehicles to Australia.

The bank has been offering for a number of years Reduced interest rates on electric vehicle loans on. According to Courville, the bank has recognized that not all Australians are ready to opt for an electric vehicle. With cheap loans you want to get a helping hand (source: The Driven).

Is switching to an electric car worth it? The answer is in the video:

Australia: No funding for e-cars

Alongside Russia, Australia is the only remaining industrialized country in which it is still no emission standards for cars are. The country’s conservative government, which has since been voted out, promised a strategy to promote e-vehicles in 2020, but never implemented it. The new government wants to put Australia’s transport sector on a new footing and introduce emission standards for fuel.

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