The UK Labour Party has announced that, should it take power at a future general election, then it will invest £3.6 billion (€4bn US$4.4bn) into building a nationwide network of electric-vehicle chargers.
The policy, which was announced at Labour’s annual conference in Brighton, will see EV chargers installed on motorways and city streets in order to cater for the 21 million electric cars that are expected to flood the nation’s roads before the end of the next decade.
Labour also announced a string of policies aimed at incentivising car owners and fleet managers to switch to electric vehicles.
The announcement follows the UK government’s launch of the Charging Infrastructure Investment Fund (CIIF) after it reached a first close at £70 million (€78m US$86m) earlier in the month.
The £400 million (€447m US$494m) fund is aiming to catalyse private sector investment into electric vehicle charging stations and spur the installation of charging infrastructure across the UK.
The launch of the CIIF was presented by HM Treasury as part of a “£500 million new investment in green technologies” and an example of the government stepping up its green policy push, despite the fact that work on the CIIF has been ongoing since the start of the year and contains a sizeable chunk of private money.
Half the £400 million will be provided to CIIF by the government, while the rest is being raised by fund manager Zouk Capital, which has been appointed to manage the fund.