UK needs to invest billions to become global player in EV battery market
The UK needs to ramp up funding and production if it wants to become a global player in the electric vehicle (EV) battery market, according to a report published today.
The Green Finance Institute’s Coalition for the Decarbonisation of Road Transport (CDRT) argued that the UK should increase its battery capacity from the current 2GWh to 90GWh by 2030 if it wants to take a considerable piece of the pie.
“Our forecasts show that demand will reach over 90GWh by 2030 but delivering growth on this scale requires a healthy appetite to invest significant capital,” said Advanced Propulsion Centre’s chief executive Ian Constance.
“To maximise green jobs and economic growth, gigafactories and their supporting supply chains are essential.
“The right balance of policy and support, as outlined in the CDRT report, is essential to secure investor confidence in the UK EV sector.”
The report outlined several initiatives that could help the UK become a major player such as using taxpayers’ money to provide cornerstone investments or giving EV batteries an end-of-life value to boost sales.
The report was released a day after commodity giant Trafigura announced it was investing in the development of the UK’s first lithium factory for an undisclosed sum, Morning Wire reported.