Sector - Energy, Fuel & Utilities
Charging Infrastructure Investment Fund launched
Last week, the Exchequer Secretary to the Treasury, Simon Clarke, made a speech to leading figures within the green energy sector at the formal launch of the Charging Investment Infrastructure Fund (CIIF).
Secretary Clarke specifically stated: “In June this year, the government became the first major economy in the world to adopt the Net Zero 2050 target, which is fantastic news.
“The danger, as ever, with targets that lie 30 years in the future is that they are pushed to the bottom of the pile by the concerns of today. The trick, then, is to make constant, incremental progress and celebrate it when it happens. To make sure that we keep chipping away at our long-term ambitions.
“The Charging Infrastructure Investment Fund is in many ways emblematic of our approach to Net Zero. Our approach is therefore to set up the right incentives and conditions, and then allow a powerful green market to flourish.
“In this case, we wanted to encourage more people to buy and use electric vehicles (EVs). We set up grants for cars, taxis, vans and motorcycles. But we realised that people looking at buying EVs were wary of getting marooned, without any battery in their car left and miles away from home or the nearest charging point.
“So, with Zouk Capital, we set up the Charging Infrastructure Investment Fund as a catalyst, with government money matching any private capital that comes in to maximise impact. And we were delighted that Masdar chose to invest £35M in the fund, which the government topped up to £70M, for the installation of 3,000 rapid chargers across the country.
“This more than doubles the UK’s number of rapid chargers, producing a dense network of stopping points where family cars can be charged in 20 minutes flat. And, further, it shows Masdar’s continued participation in the UK’s clean energy commitments.
“Masdar has invested more than £3Bn in the UK in the past ten years, predominantly in offshore wind. It is a pleasure to welcome Mohamed Al Ramahi here today for the signing ceremony and to talk more about how we can work together.
“Together, we are showing that change is possible. And providing leadership to governments and private companies around the world that by working together, we can effect real change.”
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