Growing demand for EVs as government looks to ban sale of new petrol & diesel cars by 2030
08 January 2021
When asked about the next car they buy, one in ten people said they expect it to be an electric vehicle (EV), and a further 41% said they may purchase one of these.
This is part of the findings from new research carried out by Alpha Real Capital LLP (“Alpha”), the specialist real assets investment manager, and Cornwall Insight, the provider of research, analysis, consulting and training to businesses and stakeholders in the British, Irish and Australian energy markets.
Will Morgan, Head of Renewables at Alpha Real Capital, said: “Growth in EV purchases will be essential [in] driving down costs and stimulating the level of investment in infrastructure needed to expand charging networks and achieve the UK Government’s ambitious goal of ending the sale of new petrol and diesel cars by 2030.”
Alpha runs a renewables business which invests in UK renewable energy infrastructure. Will Morgan, Head of Renewables at Alpha Real Capital, believes the growth of the electric vehicle market could be a catalyst for further investment from institutional investors into the UK renewables industry.
Jacob Briggs, Senior Consulting Analyst at Cornwall Insight, said: “The growing appetite for EVs is encouraging and we can see this bearing fruit in vehicle sales – the number of EVs on the road continues to grow at pace with year-to-date registrations up 162% compared to 2019.
“In order to ensure consumer confidence and deliver the transition to transport electrification, it is vital that charging infrastructure across the country keeps pace with the demand, with the right infrastructure deployed in the right place to ensure the UK’s net zero ambitions are realised.”
Alpha has completed over 50 transactions and invested or committed more than £600 million into UK renewable energy, providing predictable, long term cash flows to investors.
Alpha’s renewables business invests in the majority of UK renewable energy infrastructure including wind, solar, hydro, and other low carbon energy resources.
Alpha’s renewables portfolio generates over 340 GWh of clean energy – enough to power over 110,000 homes, an annual CO2 offset equivalent to planting almost 50 million trees.