This week, a significant bank in Australia made the announcement that, in 2025, it will no longer provide financing for new automobile loans that are powered by diesel or gasoline in an effort to promote the use of electric vehicles.
In a statement released on Friday, Bank of Australia Chief Impact Officer Sasha Courville was quoted as saying, "We think that the responsible thing for us to do next is to ensure that our vehicle lending doesn't lock our customers into higher carbon emissions and increasingly expensive running costs in the years ahead." Fox Business cites this quote as being taken from Bank of Australia's statement.
“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.”
The market in the United States is susceptible to these concepts, and we can only hope that they are not implemented here.
Earlier this year, the Electric Vehicle Council released a research predicting that 20,665 electric vehicles would be delivered in 2021, which would represent around 2% of the market for all cars in the country.
There is no way that gasoline engines can be replaced by electric automobiles in the near future.
Until the electric vehicle industry becomes sustainable, the Australian bank will continue to provide financing options for used gasoline-powered automobiles.
According to Courville, "While we will cease car loans for new fossil fuel cars from 2025, we are deeply aware that we need to support people not yet able to afford an electric vehicle while the market grows.”
"By ceasing car loans for new fossil fuel vehicles, we are sending a signal to the Australian market about the rapid acceleration in the transition from internal combustion to electric vehicles we expect to see in the next few years," the bank's chief impact officer Sasha Courville said, as reported by News Australia. "By ceasing car loans for new fossil fuel vehicles, we are sending a signal to the Australian market about the rapid acceleration in the transition from internal combustion to electric vehicles we expect to see in the next few years
We have governments in certain parts of the world working toward the elimination of the majority of fossil fuels by the year 2030 or 2035, and corporations like this one are supporting them in their efforts. This bank is the only one of its kind at the moment, but that could change in the future. It brings to mind financial institutions that do not provide loans to gun makers and dealers. These are the corporations that are influencing our behaviors to be more in line with their perspectives.
They tend to talk with a unified front, with the majority of their arguments being supported by government officials and the media. The failure of the Australian bank should serve as a lesson.
On his blog, Louder with Crowder said, "In a perfectfree-market world, a rival bank would start offering loans stating that they have no intention of controlling your decisions and how you live your life. I kinda don’t see that happening here.”
The preceding is a summary of an article that originally appeared on Independent Sentinel.
