Bank offers EV-only new car loans

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♻️ This week’s sustainability news

Bank leads the way with EV-only new car loans

What’s happening: Bank Australia has announced that they will offer new car loans for fully electric vehicles (EVs) only. They will no longer offer new car loans for petrol, diesel, or hybrid vehicles. However, they will still help customers who can't get an EV yet as they want to make sure people who need cars can still buy them. This change only affects new combustion engine or hybrid vehicle purchases. They will keep offering loans for used fossil fuel vehicles until EVs are more common and affordable. They will look at their loan options for used combustion engine and hybrid vehicles again when there are plenty of affordable used EVs in Australia.

Why it’s happening: Major banks in Australia have been offering discounted loans for consumers who choose to purchase an EV or hybrid vehicle. For example, Westpac offers 0.5% of their standard car loan rate, while Australia’s largest bank the Commonwealth Bank also offers various discounted loans for EVs, hybrids, and electric charging infrastructure. Others meanwhile, such as ANZ, offer a ‘green car loan’ with no discount nor any discernible difference from their standard car loan except for the language used in their advertising copy. Bank Australia meanwhile launched their first carbon offset car loan back in 2004. They have picked 2025 to make this latest change to their car loans because they believe switching to EVs needs to happen fast. They believe it can happen soon if policies and market conditions help bring more affordable EVs to Australia. This will include new, cheaper models and used EVs. By leading the way now, they hope to speed up the shift to EVs which will help reach their net-zero greenhouse gas emissions target of 2035, the most ambitious of any bank in Australia. (It’s also more ambitious than the federal Australian government’s, which has a target of 2050.)

Why it’s important: Private passenger vehicles make up 42% of Australia's transport emissions, and transport is the fastest growing source of emissions in Australia. EVs are available now and can help Australia reach its climate goals faster. Even with the electricity grid currently in use in Australia, which relies on fossil fuels at various levels in each state, driving an EV produces 29-41% fewer emissions on average than using other types of car fuel. If you charge your EV at home with solar panels, you can reduce emissions to basically zero. Switching to EVs quickly is important to help limit global warming to 1.5 degrees, which experts say is necessary to reduce the negative effects of climate change. However, in 2024, most of the new vehicles sold in Australia were petrol, diesel, or hybrid cars, making up about 89% of the total 1,237,287 vehicles sold. The top-selling models were the Ford Ranger (62,593 sold), Toyota RAV4 (58,718 sold), and Toyota HiLux (53,499 sold). In comparison, EVs made up 7.4% of the market, with 91,292 EVs sold. Any changes to finance being offered may help shift more consumers towards purchasing new EVs over other fossil fuel vehicles. This will likely require a mix of government policy and corporate-led actions to make a real difference. For example, earlier this year it was reported that the UK government was in talks with the vehicle finance sector about making more low-interest or interest-free loans available to consumers. It’s also considering guaranteeing these loans as it seeks to increase the sale of EVs, which are falling behind target in the UK.

📖 Read more: Bank Australia phasing out fossil fuel car loans from 2025

US judge extends block to Trump’s funding freeze

What’s happening: On Thursday, a second federal judge decided to continue stopping the Trump administration from halting grants and loans that could be worth trillions of dollars. Judge John McConnell from Rhode Island issued this decision in response to a lawsuit by almost 24 Democratic states. These states were concerned about a Trump administration plan to pause federal spending, which caused confusion and worry across the country. Judge McConnell stated that the executive branch was trying to overstep its authority and interfere with the separate roles of each government branch.

Why it’s happening: The White House's decision to stop federal grants shows a view of presidential power that Donald Trump supported during his 2024 campaign. This idea was also explained in the Project 2025 document, which Trump strongly denied was a plan for his second term. After ordering the freeze and then supposedly rescinding it, the states claim that many programs are still waiting for federal money or confirmation on whether they will receive it. McConnell also mentioned that the states have shown they have standing in this case. The states have provided many clear examples showing how the sudden and random stopping of federal funds affects almost every part of their government work. This makes it hard for them to provide important services to their people. These examples show a specific and real problem caused by the pause in federal funding: a major and ongoing loss of promised federal money.

Why it’s important: The funding that has been impacted includes billions of dollars earmarked for several crucial initiatives aimed at promoting environmental sustainability and supporting low-income communities. One of the key areas affected is the allocation of funds intended to facilitate the installation of rooftop solar power systems in low-income neighbourhoods. This initiative is designed to make renewable energy more accessible to underserved communities, thereby reducing their reliance on traditional, non-renewable energy sources and lowering their overall energy costs. Additionally, the funding freeze has put at risk subsidies that are crucial for low- and moderate-income households. These subsidies are intended to assist these households in the purchase and installation of electric heat pump water heaters. Heat pump water heaters are a more energy-efficient alternative to conventional water heaters, and their adoption can significantly reduce household energy consumption and costs, while also contributing to a reduction in greenhouse gas emissions.

📖 Read the full article: Second federal judge extends block preventing the Trump administration from freezing funding

Tesla sales and stock price slump due to Musk effect

What’s happening: Tesla might start losing money in early 2025. Sales in the first quarter are expected to drop by over 4%, according to analyst Chris McNally from Evercore ISI. Combined with Tesla’s spending on automation and robotics, the company might start losing more cash than it makes. The stock has dropped over 30% this year and has lost all the gains it made after the election, when people thought Tesla might benefit from Musk's connections to the new Trump administration.

Why it’s happening: In the first two months of 2025, Tesla's sales have dropped by 71% in Germany, 45% in Norway, 44% in France, and 44% in Spain, based on registration data from Electrek. Sales have also been dropping in important areas like California and China, according to Bloomberg. In Australia, sales have dropped 72% in February compared to the same month in the previous year, per The Guardian. While there may be other issues at play, such as ageing Tesla electric vehicle (EV) models and increased competition from other car makers, potential customers are avoiding the brand due to CEO Elon Musk's political activities. Musk's Department of Governmental Efficiency (DOGE) is making radical slash-and-burn changes to the US federal government, even though it's unclear how much authority they should really have. He hasn’t been restricting himself to political activity in the US. In Germany, he backed the far-right Alternative für Deutschland (AfD) – calling the party Germany’s “only hope”.

Why it’s important: On Friday, some Extinction Rebellion activists took over a Tesla store in central Milan. They chained themselves to the car tires and glued themselves to the windows with signs saying “Make millionaires pay again” and “Ecology for all, no ecofascism.” In the US, people have been protesting outside many Tesla stores. In the UK, an outdoor advertising poster at a bus stop with the message “0 to 1939 in 3 seconds” has highlighted Musk's fascist salute at Donald Trump’s inauguration rally in the US. In Germany, he was recently depicted as "Napo-Elon" on a carnival float. People are questioning if Elon Musk is harming the Tesla brand, which has led the way in developing EVs and efforts to fight climate change. In 2024, Tesla was the largest producer of electric cars, but sales fell to 1.79 million. This was the first sales drop since 2011, after years of fast growth that made Tesla the most valuable car company.

📖 Read the full article: ‘Major brand worries’: Just how toxic is Elon Musk for Tesla?

🌐 Travel to Tasmania

Explore the beautiful Freycinet National Park

Stunning mountains and beaches await: We spent our end-of-year holidays on an EV road trip around the Australian island state of Tasmania, and this national park was a highlight. Challenging hikes were rewarded with breathtaking views and swimming at azure-water beaches with gorgeous mountain scenery in the background was unforgettable. Read and see more about this wonderful national park in our new article.

😇 People doing great things

Making the most of retired wind turbines

Wind turbines have a lifespan of about 20 years: Since wind power infrastructure started booming from about 2000, companies are now looking in earnest at innovative ways to deal with the waste being generated. Renewable energy company ACCIONA has answered this challenge, most recently teaming up with professional surfer Josh Kerr and his surfboard brand, Draft Surf, to make the first prototype surfboards in the world using old wind turbine blades. A decommissioned wind turbine blade from ACCIONA’s Waubra wind farm in Victoria was used to create ten prototype surfboards. This is part of ACCIONA’s Turbine Made project, which started in February as Australia’s first effort to find new uses for old wind turbine blades. The project aims to promote recycling in the renewable energy sector in Australia. The surfboards, made by hand on the Gold Coast, include strips of the turbine blade in the deck for added strength and flexibility. The fins are made from recycled fibreglass for stability and speed, and the outer layer is reinforced with recycled turbine blade material. The Turbine Made initiative continues ACCIONA's efforts to reuse old wind turbine blades. They have worked with the European fashion brand El Ganso to make sneakers with recycled blade material in the soles. They have also used recycled blade materials in solar trackers at a solar plant in Extremadura, Spain. Additionally, ACCIONA is developing a recycling plant for old turbine blades in Navarra, Spain, which will open in 2026. This plant will create 100 jobs and be able to process 6,000 tonnes of material each year.

⭐️ Weekly inspiration

Court advances racketeering claims against oil and gas

A groundbreaking climate lawsuit in Puerto Rico: Magistrate Judge Héctor Ramos-Vega last week found that the more than three dozen Puerto Rico municipalities seeking compensation from the oil and gas industry have a case under antitrust laws and the Racketeer Influenced and Corrupt Organizations (RICO) Act.

More than 100,000 African seeds stored for safekeeping

From 177 different species: The seeds have been stored in the Svalbard Global Seed Vault in Norway, the world’s repository for preserving a variety of different types of crops in case of a disaster, including seeds critical to building climate resilience, such as the tree Faidherbia albida, which turns nitrogen into ammonia and nitrates.

Texas turns to renewables as energy demand increases

The US state is the fourth-biggest oil producer in the world: Over the past four years, Texas boosted its energy supply by 35% with 92% of this coming from solar, wind, and battery storage; last year, Texas added more battery storage than any other state and now, except for California, has more battery storage than all other states combined.

River in England officially assigned legal rights

First one in England to receive them: It was announced last week that the River Ouse in Sussex will be given its own rights after Lewes district council approved a new charter treating it as a living being; inspired by the Universal Declaration of River Rights, it grants the river eight rights including the right to flow naturally, to be free from pollution, to support native plants and animals, and to be restored and regenerated.

First undergraduate degree on climate justice in the UK

Launched by the University of Sussex: The BA course, named "climate justice, sustainability and development," will start in 2026 and will teach students about climate politics, activism, and environmental human rights, along with practical green skills to help make a difference.

Ben & Jerry’s introduces electric ice cream trucks

Up to 259 kilometres (161 miles) on a single charge: The Vermont-based ice cream company announced a modernised version of their current ice cream trucks made using Rivian's commercial van and will first appear at the South by Southwest event in Austin, Texas, this week and then travel to various events around the US.

Swedish homes heated by a giant underground cave

Saves about 1,600 tons of CO₂ emissions every year: A giant man-made cave system constructed during the Cold War to store oil has now been cleaned and re-filled with enough water for 100 Olympic-sized swimming pools, which is used to heat local housing in the town of Vasteras.

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