The Green Finance Institute has called for significant levels of investment to build a local battery supply chain, which it says is essential if the UK is to become a global player in the sector.
In line with a report from the Coalition for the Decarbonisation of Road Transport (CDRT) - of which the BVRLA is an active member – the Institute has found that the value of the transition from ICE to EV powertrains could benefit the UK economy by more than £24bn by 2025.
The Powering the Drive to Net Zero report also states that the UK will need to ramp its battery production capacity from 2GWH/year up to over 90GWh/year to meet the projected demands of the industry.
Members can read the full report on the GFI website.
