An Australian bank plans to stop giving loans for new diesel and gasoline cars as the country tries to encourage the use of electric vehicles and catch up with other developed countries. In a statement Friday, Bank Australia said it would scrap loans for new fossil fuel vehicles from 2025. Sasha Courville, its chief impact officer, said that date had been picked “because the change to electric vehicles needs to happen quickly.” The bank, Courville added, believed this could happen “with the right supporting policies in place to bring a greater range of more affordable electric vehicles to Australia.

Source: CNBC