Uber, TfL, Lloyds Bank and Chargepoint join UK green transport coalition

A host of leading finance, transport and energy companies and experts have come together in a new coalition to accelerate the transition to zero emission vehicles in the UK , with an emphasis on unlocking essential investments in green transport infrastructure.

Led by the Green Finance Institute (GFI), the Coalition to Decarbonize Road Transport launched today includes Uber, Lloyds Banking Group, Octopus Electric Vehicles, infrastructure company EV Chargepoint, Lombard Odier, Energy Savings Trust and Transport for London (TfL).

Business entities, the Aldersgate Group and the Renewable Energy and Clean Technology Association (REA), as well as investors such as SDCL and Prospedia Capital are also founding members of the Coalition.

Dr Rhian-Mari Thomas, Managing Director of GFI, said bringing in experts from all areas of academia, energy, transport, finance and infrastructure was key to overcoming the hurdles urgent investments in the decarbonisation of road transport in the United Kingdom.

“Identifying the most effective public interventions and investments to catalyze private sector finance requires in-depth and detailed analysis as well as creativity and ingenuity,” she said. “We are delighted to be working with KPMG and the founding members of our coalition to meet the challenge of financing the decarbonisation of road transport.”

The Coalition cites an analysis undertaken by the GFI, with the backing of consulting giant KPMG, which estimates that more than £ 150 billion in gross investment may be needed to decarbonise the UK road transport sector between 2021 and 2030.

As such, a significant increase in investment in decarbonizing road transport is needed over the next decade, according to the Coalition, which aims to focus in particular on innovation in consumer credit and credit. -lease to drive the adoption of electric vehicles, as well as to meet the growing demand for electric vehicle charging. points.

He estimates that more than 6.7 million EV chargers will be needed over the next decade to meet the growing number of electric vehicles on UK roads, at a total cost of over £ 20 billion, which , according to him, would require the collaboration of the public and private sectors to unlock the necessary. finance.

In addition, the Coalition also aims to focus on improving pulp manufacturing in the UK to meet the growing demand for electric vehicles. A capacity of up to 60 GWh of batteries each year could be needed by the end of the decade, which she said would require more than £ 5bn of investment.

The safe and sustainable disposal of batteries, as well as the creation of an environmentally sustainable supply chain, are also critical issues to be addressed, he added.

It comes as the UK government prepares to launch its long-awaited transport decarbonization plan, which is now expected to emerge this spring or early summer after several delays.

UK Transport Minister Rachel Maclean welcomed the launch of the new coalition today. “As we accelerate towards a net zero future, I am delighted that government and industry are coming together to encourage more people to switch to zero emission vehicles,” she said.

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