Financial institutions

Australian financial institutions join the revolution

In press releases this week, Pepper Money and Bank Australia announced that they would put their financial clout behind the rEVolution – the shift from fossil fuel vehicles to electric vehicles.

Pepper Money has announced 12 months of free charging for drivers who take out a loan to buy an electric car. Pepper has partnered with Evie Networks, which will provide charging.

“We want to help accelerate the shift to electric vehicles by removing barriers and helping drive lasting, systematic change – from finance to infrastructure and beyond,” said Ken Spallacy, managing director of asset finance. by Pepper Money.

Meanwhile, Bank Australia has announced that it will no longer provide loans for the purchase of fossil fuel cars. From 2025, the bank will stop lending money to buy fossil-fuel vehicles: Sasha Courville, the bank’s impact director, reportedly said the bank doesn’t want to lock its 185,000 customers “in higher carbon emissions and ever-increasing running costs.” .” This announcement should send a message that “if you are considering buying a new car, you should seriously consider an electric vehicle, both for its climate impact and lifetime cost savings.”

Australia is full of ads promoting the adoption of electric vehicles and the accelerated transition to renewable energy. The mainstream media are beginning to take notice and the public is receiving increasingly accurate and positive information about the situation. It helps that Audi runs full-page ads in Rupert Murdoch’s flagship newspaper The Australian to promote electric Audi models – in particular the e-tron – with the caption “Accelerate Progress”.

There will be those who will deny and complain – these are two small financial institutions, what about the big four? It remains to be seen if the two Davids in this fight can sway the Goliaths of Wespac, ANZ, Commonwealth and NAB. But, who knows, a market share is a market share.

Just as global finance moves away from coal, we hope more Australian financial institutions will join the rEVolution, offering incentives to purchase electric vehicles.


 

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