Bank Australia will provide car loans only for purchases of electric vehicles from 2025

Bank Australia announces that it will stop making loans for all cars. They will provide car loans for purchases of electric-only vehicles from 2025. The bank’s decision was justified by the impact director, saying it is their responsibility to stop the purchase of cars fossil fuels. “We believe the responsible thing we need to do…is to ensure our vehicle loans don’t lock our customers into higher carbon emissions and escalating running costs in the years to come. come.”

Image credits – National Center for Research on Public Policy

However, the question is whether it will be harder for hard-working men and women to get affordable vehicles running on reliable power really the “responsible thing” to do. This is exactly the premise that environmental extremists would have everyone believe, even though electric vehicles are significantly more expensive to purchase than gasoline-powered vehicles. Not to mention the fact that the asking price of an electric vehicle doesn’t seem to be dropping any time soon.

The cost of raw materials for electric vehicles has more than doubled during the COVID pandemic thanks to the rising costs of materials such as cobalt, nickel and lithium, which are essential for producing electric vehicle batteries. There is also the high price associated with replacing an electric vehicle battery, as well as installing or using a charging station and paying for the electricity used to charge the battery, which is often, ironically, powered by fossil fuels.

Electric vehicles

Moreover, even if the overall price of an electric vehicle were equal to or less than that of a gas-powered vehicle, as the woke crowd claims, the true costs go beyond mere dollars and cents. While liberal elitists are quick to point out the purported environmental benefits of driving an electric vehicle, many turn a blind eye to cases of child labor and forced labor that have been identified in the supply chain of electric vehicles. electric vehicles. It’s no secret that mining cobalt in the Congo for electric vehicle batteries has endangered countless children and ethnic minorities suffering in forced labor camps at the hands of the Chinese Communist Party.

Buying an electric vehicle is more expensive for families; many electric vehicle batteries are charged with coal and natural gas, and there is a continuing humanitarian problem of using child labor and forced labor to source materials for electric vehicles. However, the absurdity of professing the moral and fiscal superiority of electric vehicles is not limited to Australia. California regulators recently took the stuffing to the next level here in the United States. They banned the sale of new gasoline-powered vehicles from 2035.



About Galen A. Williams

Check Also

RBI raises repo rate by 50 basis points to 5.90%; home and auto loans to be impacted

The Reserve Bank of India has raised the repo rate or prime rate by 50 …