US long-term borrowing costs hit 25-year high; weakening of UK’s EV sales targets criticised – as it happened

ECIU: what a strange time to weaken EV targets

The Energy & Climate Intelligence Unit (ECIU) are also unimpressed that the UK is considering watering down its electric vehicle sales targets again.

Colin Walker, Head of Transport at the ECIU, says:

“Proposing to water down the UK’s biggest climate policy the day after temperatures hit 38C, and a summer of heat and drought that risks the UK having its worst ever harvest, may seem strange to the increasing number of people concerned by images of homes on fire, and the security and affordability of the food we eat.
“At a time when the PM is on a cost of living tour, with pump prices up due to another war-driven oil and gas crisis, incentivising the industry to slow the sale of EVs will lead to higher costs of living for families across the UK, given electric cars can save hundreds, even thousands, of pounds a year in running costs, and are now no more expensive to buy then a petrol car. “Government watered down the policy last year, which has already added to the cost of living crisis. Parts of the industry called for flexibilities to meet sales targets, but then haven’t acknowledged how those flexibilities have done exactly what was asked in helping put the industry on track to hit its targets for the third year running. “The first EVs sold under those targets are now turning up on the second hand market, and any slowdown risks choking that off, adding to the cost of living for regular families at a time when there is a surge in demand for used EVs.”