Good News & Bad News, page-29727

Clean Energy FinanceCorporation to bankroll rideshare EVs

Australia’s state-owned green bankwill invest more than $20 million with a rideshare fleet operator to buyhundreds of new electric vehicles in a bid to spur local investment in thetechnology and lower transport emissions.

The Clean Energy Finance Corporation has committed the cash toSplend, Australia’s largest vehicle subscription provider for rideshare drivers, which will buy 500 new electric vehicles.

It’s the first CEFC investment into the rideshare fleet sector,which chief executive Ian Learmonth said would help lead the electrification ofthe Australian transport sector given the number of kilometres the cars travel.

“Due to the significant distance that rideshare vehicles travel,transitioning this fleet to EVs marks a significant opportunity to cuttransport emissions,” he said.

“This is an exciting change to the way Australians can enjoy theconvenience of rideshare services while having a real impact towards achievingzero emissions in our transport sector.”

The $20 million CEFC commitment willallow Splend to double its EV fleet, its chief executive Chris King said.

Mr King said the company had about 100,000 rideshare vehicles operating in Australia, but only 1 per cent of those were electric.

“We are delighted to work alongside CEFC as we work to achieveour fleet target of 10,000 EVs by 2024,” he said.

Most Australian drivers average about 11,000 kilometres a yearcompared with full-time rideshare drivers, who can clock up to 60,000kilometres, according to the CEFC.

The Department of Climate Change, Energy, Environment and Waterestimated 19 per cent of Australia’s emissions came from the transport sectorin 2022.

CEFC executive director and head of debt markets Richard Lovellsaid transformative change was required to meet current emissions reductiontargets.

“The opportunity to catalyse the transition of the ridesharemarket presents a significant opportunity to help achieve Australia’s emissionsreduction goals,” he said.