Bank Australia to ban car loans for new gas or diesel vehicles in disturbing trend

More and more, climate alarmists on the left seem to be resorting to sheer force when it comes to enacting their suspect agenda against fossil fuels.

Look no further than Australia, a country that seems determined to dispel any notion that freedom is a valued commodity. Bank Australia has announced that as of the year 2025, it will no longer issue loans for new gas or diesel vehicles, including hybrids.

Bank Australia’s chief impact officer, Sasha Courville, said the decision was made “because the change to electric vehicles needs to happen quickly.”

“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,” Courville said in a statement last week, according to Fox Business.

“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.”

As it is, electric vehicles represent just 2% of the market in Australia. Citing the Electric Vehicle Council, Fox Business reported that there were 20,665 electric vehicles sold in 2021, with Tesla accounting “for more than half of all electric vehicle sales, as more than 12,000 Model 3s were bought by Australians last year.”

Tesla CEO Elon Musk being pleased with the development, no doubt.

Bank Australia is all in on climate control, having recently set a target date of 2035 to achieve net-zero emissions.

“The 2035 net zero target is the headline commitment in Bank Australia’s new climate action strategy that sets out its ambitions for the coming decade across the key areas of decarbonization, climate justice, regenerative finance, and the protection of nature,” the institution said on its website. “The bank is committed to aligning with best practice on net zero for financial institutions as it emerges, including limiting reliance on carbon offsets.”

Bank Australia Managing Director Damien Walsh said time is of the essence.

“Climate change is the most urgent challenge of our time. At Bank Australia, we’ve been listening to our customers and we know it’s their number one concern, and it’s one we share,” Walsh said. “Our 2035 net zero target is the most ambitious of any bank in the country and makes Bank Australia one of the most ambitious banks globally. We hope our stance encourages other banks and financial institutions to accelerate their climate objectives as well.”

The bank will still offer loans for second-hand gas-guzzling cars “until there is a viable and thriving market for electric vehicles,” Courville graciously noted, in deference to poor folk.

“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,” she said.

As reported by CNBC, Bank Australia is not alone in its declared war on fossil fuel-dependent vehicles.

“In 2020, Denmark’s Merkur Cooperative Bank said it would halt financing for new diesel and gasoline cars,” the network noted, before adding: “The U.K. wants to stop the sale of new diesel and gasoline cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero-tailpipe emissions. The European Union — which the U.K. left on Jan. 31, 2020 — is pursuing similar targets.”

Tom Tillison


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