The Role of the Finance Industry in the Transition to Sustainable Transport Report

Speaker: Eamon McGinn, Partner, Deloitte Access Economics

Deloitte provided an outline of the report. The key themes are:

1. Supporting net zero transport

2. Infrastructure challenges

3. Finance and incentives

4. Integration of products

5. Government policy

6. Technological advancement.

Deloitte research included a survey of 600 consumers and identified some challenges:

• Insurance challenge – Consumers were concerned about costly insurance products.

• Infrastructure challenges – should be clear ambition for interoperability. Consumers need to know where and when to overcome the mental barrier to make the transition.

Examples of infrastructure challenges include:

• Matching petrol station where pricing is clear. With EV charging, it is hard to know the price. There needs to be a formal system around charging infrastructure and pricing.

• Integration between taxi, Public Transport and own car is not the best.

• Vehicle to grid. Will an apartment building allow EV’s to charge? Need planning and legislative processes.

On Government policies:

• 47% of consumers would like govt to provide financial incentives to adopt EV’s, but most states have wound back incentives.

• Also there is the Australian problem of different states. While not a burning issue now, this will be significant concern for the future. A national approach is needed as there could be a significant benefit for businesses.