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London-based HSBC, the largest bank in Europe and the 8th largest bank in the world, has announced that it will stop funding any new oil and gas developments globally.

HSBC is the largest bank in Britain, and in Europe as a whole. It’s the 8th-largest bank in the world and the 4th-largest outside of China. It manages about $3 trillion in assets, just behind Bank of America, and it has subsidiaries all around the globe, including a major one based in Dubai, in the heart of the world oil industry.

The bank’s new policy applies specifically to new oil and gas field projects and any related infrastructure meant to support those new fields. It will continue to provide consulting and financing to energy companies at the corporate level, even if they are in the oil business.

HSBC said on Wednesday:

“We will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure when the primary use is in conjunction with new fields… Given the parallel urgency of today’s global energy crisis, we plan to accelerate our activities in renewable energy and clean infrastructure, aligned with our previously announced ambition to provide $750 billion to $1 trillion in sustainable finance and investment by 2030.”

HSBC has previously announced an ambition to provide up to $1 trillion in “sustainable finance and investment” by 2030, targeting net zero emissions across its customer base by 2050 at the latest. It also wants its own operations to be net zero by 2030.

This is the latest and perhaps the largest move in the growing fossil fuel divestment movement, which has encouraged banks and other organizations like pension funds, churches, and schools to remove funding and investments from fossil fuel projects. Before today, institutions representing some $40 trillion have divested from fossil fuels.

The goal is to make it harder for oil companies to do business, as despite their significant wealth, companies at all levels of the oil industry do still use financing to make projects happen.

This has also sparked an “anti-divestment” movement in some areas. Texas recently passed a law attempting to make oil divestment illegal, and recently Florida pulled $2 billion in state funds from Blackrock, a fund that manages $8 trillion in assets, as a protest against their environmental, social and corporate governance (ESG) policies. This despite Miami, Florida’s largest metro area and the state’s economic powerhouse, being perhaps the most vulnerable city to climate change in the world.

Previously, HSBC was a fairly large investor in fossil projects. According to the Banking on Climate Chaos report released this year, HSBC ranked 13th in the world in funding fossil fuel projects over the last 6 years. This is disproportionately-low compared to its 8th-place size in world banking, but still a big chunk of money for fossil projects. The list is led by four US banks – JPMorgan Chas, Citi, Wells Fargo, and Bank of America.

Electrek’s Take

This is clearly a positive move, and will hopefully influence other banks at all levels to join up with the divestment campaign.

However, divestment is not enough. The fact of the matter is, as long as oil demand exists, oil companies will exist to serve that demand. Even if almost everyone refuses to fund them, as long as people are still using oil, someone will fill that gap.

We saw this over the course of the last year, with oil supply being down due to the impact of COVID-19, and demand being high as people started to do more traveling and demanding more goods. This resulted in oil prices going up, which meant more profits for oil companies.

So the top-down approach won’t work alone. We can starve oil companies of funding as much as we want, but if people continue buying oil they will find a way to make money.

This is why we must transition away from fossil fuels in every way possible. First and foremost, we need to electrify transportation, which is the largest consumer of oil – some 70% of oil usage in the US is related to the transportation, with most of that going towards personal vehicles. We need to electrify homes and businesses as well, and stop using gas to run the grid, but the main thing is transportation.

And that’s why we’re here, doing what we do, at Electrek. The best way to stop the oil industry is to stop burning oil in cars.

But let’s keep divesting as well. The more prongs in the approach, the better.

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E-quipment highlight: Liebherr R 920 G8-E electric crawler excavator

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E-quipment highlight: Liebherr R 920 G8-E electric crawler excavator

Global mining and construction equipment giant Liebherr recently rolled out its first-ever battery electric crawler excavator, setting a new standard in heavy earth-moving equipment capabilities with low noise levels and zero local emissions.

Liebherr has made headlines in the sustainability space with its massive electric haul trucks and stupefyingly quick 6MW cryo-cooled DC fast chargers, but its conventional mid-sized equipment lines haven’t electrified as quickly, leaning instead on hydrogen combustion and fuel cell efforts. That seems to be changing, however, with the launch of the 20-ton R 920 G8-E – the brand’s first-ever factory fresh HDEV.

The company’s official copy is characteristically low-key, with an emphasis on the facts and features instead of hype:

The new model completes the product range of Liebherr crawler excavators produced in Colmar (France). It is particularly quiet and emission-free. It generates the same output as a diesel machine in the same category and is particularly suitable for building sites that require low noise levels and avoiding exhaust gas emissions, such as in cities or underground operating locations.

LIEBHERR

Despite the lack of excitement in the release copy, there is a lot of excitement about the R 920 G8-E’s innovative new control cab philosophy.

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Liebherr INTUSI controls


Dubbed INTUSI (for INTuitive USer Interface), the system integrates intelligent control logic with advanced machine learning capabilities to give operators a highly customizable interface that can follow them from asset to asset, from wheel loader to excavator to haul truck, dramatically flattening the learning curve for operators on a given job site.

Liebherr says INTUSI improves both operational efficiency and user comfort on Liebherr job sites through the integration of a number of new features. From the press release:

  • Haptic feedback – vibrations alert the operator to critical conditions—such as reaching dynamic device limits—enhancing situational awareness and speeding up reaction times.
  • Optical feedback – integrated RGB LEDs on the joystick provide real-time visual cues about device status and servo control, ensuring clear communication without distraction.
  • Functional safety – control elements with status LEDs allow safe operation of critical functions—without requiring two-handed input—streamlining workflow while maintaining safety standards.
  • Hand detection – capacitive proximity sensor detects the operator’s hand automatically, enabling seamless activation of controls only when needed.
  • Display navigation – a mini-joystick embedded in the handle allows for quick and efficient navigation of the display interface, reducing the need to reach for external controls.
  • Ergonomics – multi-stage handle height adjustment ensures optimal comfort and usability, adapting to different operator preferences and working conditions

In addition to the INTUSI-powered custom cockpit, the new Liebherr R 920 G8-E electric excavator ships with your choice of either a 188 or 282 kWh high capacity li-ion battery, which is capable of 150 kW DC fast charging. Fast enough, in other words, to power up the machine during shift changes, if needed.

Electrek’s Take


R 920 G8-E electric crawler excavator; via Liebherr.

If the notion of a battery electric Liebherr excavator seems familiar, that’s because it should – the company first converted one of its ultramassive R9400 mining excavators last year, as a proof of concept co-developed with global mining giants Fortescue as they invest in new technology to decarbonize their mines.

Since then, Fortescue has used the machine to move millions of tons of dirt, and has ordered several more. And, because everything from excavators to loaders to heavy trucks are built to be powertrain agnostic, and manufacturers will often offer the same basic vehicle with Cummins, Detroit Diesel, or Volvo power, so there’s a degree of openness baked into those systems already. Liebherr is just taking that to the next level by installing an electric drive motor in place of an internal combustion engine, and I expect this excavator will be the first of many such machines from the brand.

SOURCE | IMAGES: Liebherr.


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Looks like Rivian is working on a steer-by-wire system

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Looks like Rivian is working on a steer-by-wire system

Rivian has posted a job listing for a steering engineer, specifically mentioning work on a future steer-by-wire system for the company.

Steer-by-wire is an automotive concept that has been around for a long time, but hasn’t yet reached mass adoption. The idea is to replace (or supplement) mechanical linkages between the steering wheel and the wheels with electronic actuators instead.

There are a number of potential benefits to this, like allowing more customizability or adaptability to a steering system, reducing mechanical complexity, or adding speed-sensitive variable steering ratios.

Although there are also disadvantages, like a reduction in steering feel (although, since most cars are moving to electronic power steering, that was already gone anyway).

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But few cars have implemented steer-by-wire systems, or at least not fully committed to them, given that mechanical steering racks are a relatively solved problem and the general inertia of the car industry which would rather stick with a solution they know than switch to something better (haven’t we here, at this EV publication, heard *that* one before…). There’s also the matter of regulations, which have often been written to require mechanical steering systems, and may need updating to allow for steer by wire.

But, steer by wire made it into mass production with the release of the Tesla Cybertruck. This was big news when Tesla committed to this – at the time, it was the only thing on the road to exclusively use a steer by wire system, though there are other cars with partial steer by wire (for example, mechanical front wheel steering, and steer by wire rear-wheel steering).

But it seems to have opened the floodgates, as a number of other companies are working on or have since released steer by wire systems (Lexus, for example).

And now, it looks like Rivian is one of those companies – though we don’t know if it’s for the front or rear.

The company posted a job listing for “Sr. Staff Technical Program Manager, Steering Actuator System,” based at its Irvine, CA headquarters (spotted by Rivianforums). This wouldn’t be so exceptional, except that the job posting also specifically points out that “you’ll have full cradle-to-grave ownership of the SBW subsystem.”

So – we know they’re working on steer by wire, to some extent.

But a few other EVs, particularly large EVs like the Rivian R1 platform is, use steer by wire just for the rear wheels – for example the Hummer EV and Rolls-Royce Spectre. These systems are particularly helpful for giant vehicles, because it allows them to be more nimble and make turns that otherwise would require a lot more… negotiation in a giant land yacht.

So it’s possible that Rivian is only working on rear wheel steer by wire here, but we’d like to think there’s a chance it’s working on steer by wire for the full vehicle.

We also don’t know if this would show up on all of Rivian’s vehicles, or only on certain models – the R2 and R3 are in development, and the R1 just got a big refresh. But, perhaps even more interestingly (and very speculatively), VW has invested heavily in Rivian for technology help, so we wonder if we might end up seeing this in VW group vehicles, or Scout vehicles eventually…


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Hyundai cuts IONIQ 5 N lease prices by $150 a month

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Hyundai cuts IONIQ 5 N lease prices by 0 a month

Hyundai’s electric sports car just got a whole lot cheaper. The 2025 Hyundai IONIQ 5 N now costs $150 less per month to lease after another unexpected price cut.

How much is it to lease the 2025 Hyundai IONIQ 5 N?

The new and improved 2025 IONIQ 5 is coming off its best US sales month yet in July, but that isn’t stopping Hyundai from wanting more.

After Hyundai cut lease prices on all trims last month to as low as $179 per month, it’s now offering even more savings.

The 2025 Hyundai IONIQ 5 N is now listed for lease at just $549 per month. The offer is for 36 months, with $3,999 due at signing. At an effective monthly rate of $660, Hyundai’s EV is $150 cheaper a month than it was in July.

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Hyundai is currently offering some of the best deals on electric cars, with the 2025 IONIQ 5 SE Standard Range listed for lease at just $179 per month.

Hyundai-IONIQ-5-lease
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)

The Standard Range model has a driving range of 245 miles. If you’re looking for more, the Extended
Range SE, with a range of 318 miles, is available to lease from $199 per month.

You can even lease the rugged new XRT trim right now for under $300 a month. All deals are for 24 months with $3,999 due at signing and end on September 2

2025 Hyundai IONIQ 5 Trim EV Powertrain Driving Range (miles) Starting Price*  Monthly lease price July 2025
IONIQ 5 SE RWD Standard Range 168-horsepower rear motor 245 $42,500 $179
IONIQ 5 SE RWD 225-horsepower rear motor 318 $46,550 $199
IONIQ 5 SEL RWD 225-horsepower rear motor 318 $49,500 $209
IONIQ 5 Limited RWD 225-horsepower rear motor 318 $54,200 $309
IONIQ 5 SE Dual Motor AWD 320-horsepower dual motor 290 $50,050 $249
IONIQ 5 SEL Dual Motor AWD 320-horsepower dual motor 290 $53,000 $259
IONIQ 5 XRT Dual Motor  AWD 320 horsepower dual motor 259 $55,400 $359
IONIQ 5 Limited Dual Motor AWD 320-horsepower dual motor 269 $58,100 $299
IONIQ 5 N Dual Motor AWD Up to 601-horsepower
dual motor
221 $66,200 $549
2025 Hyundai IONIQ 5 price, range, and lease price

With the $7,500 EV tax set to expire at the end of September, Hyundai is offering savings across its entire electric car lineup.

Even Hyundai’s new three-row electric SUV is surprisingly affordable. The 2026 INIQ 9 is listed with monthly lease prices as low as $419 per month.

Looking to test drive one out for yourself? We can help you get started. You can use our link to find deals on the 2025 Hyundai IONIQ 5 at a dealer near you (trusted affiliate link).

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