Bank Australia welcomed the opportunity to provide input into the development of the Federal Government’s National Electric Vehicle Strategy (NEVS) by making a submission to the NEVS consultation in October, 2022.
Reducing emissions from vehicles will play an important role in Australia’s transition to net zero, since transport is currently the fastest-growing source of emissions in the country. Around 62% of emissions from transport come from private passenger cars and light vehicles, and this is part of why Bank Australia decided to cease car loans for new fossil fuel cars by 2025.
How people and goods are transported in Australia must transition away from fossil fuel-powered vehicles to electric alternatives, coupled with increased uptake of public and active transport. Our submission called for the Federal Government to support this transition by introducing fuel efficiency standards and policy measures to incentivise uptake of electric vehicles.