- The UK government will install EV charge points in all the new buildings from 2022.
- The move is a bid to phase out the usage of petrol and diesel vehicles from next year.
- Around 145,000 new charging points are expected to be added to the EV charging infrastructure every year.
After the sensitive UN climate conference hosted by the UK in Glasgow came to an end, the Boris Johnson government has started putting in more efforts to boost the UK’s environmental credentials by announcing that electric vehicle charge points would be installed in all the new buildings constructed in England next year onwards.
These plans will be revealed by the PM on Monday when he will address the Confederation of British Industry (CBI) regarding tightening up of regulatory measures for new buildings.
5 green stocks to buy as UK adopts EV charge points in new buildings
Prior to ending the sale of petrol and diesel cars by 2030 as planned by the government, this move will support in phasing out the use from next year. EV charge points would be installed in homes, supermarkets, as well as office blocks, and around 145,000 new charging points are expected to be added to the EV charging infrastructure every year, as per the Government. New regulations will also be implemented on the buildings going through renovations having over 10 parking spaces.
After hosting the COP26, PM Boris Johnson claimed that this is a pivotal stage for the country, and it has to change its ways and become a world leader in clean energy usage. The UK government is, thus, providing loans to small and medium-size enterprises to support investments in science and technology. For instance, a recent funding of £9.4 million has been provided to the Whitelee Green Hydrogen Initiative, which is developing the largest electrolyser in the country with an aim of creating hydrogen gas from water that will act as a zero-carbon fuel for local transport providers.
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Let’s take a look at some the UK companies powering up the EV revolution that may be positively impacted by this announcement.
Ricardo plc (LON: RCDO)
With expertise in hybrid and electric vehicles, Ricardo plc offers environmental and strategic consultancy to different sectors. The current market capitalisation stands at £286.20 million, and it has given a return of 28.85% in the last one year. Ricardo plc’s shares were trading at GBX 460.00 as of 19 November 2021 (GMT).
AB Dynamics PLC (LON: ABDP)
Primarily focused on the testing of EVs, Ab Dynamics PLC is a specialist in automotive test systems. The current market capitalisation of the company stands at £391.37 million, and it has given a negative return of 18.93% in the last one year. Ab Dynamics PLC’s shares were trading at GBX 1,370.00 as of 19 November 2021 (GMT).
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Johnson Matthey PLC (LON: JMAT)
Johnson Matthey PLC is a chemicals company with a focus on EV batteries, which are loaded with sustainable solutions. Its market capitalisation is £4,323.54 million, and it has given a negative return of 3.50% in the last one year. Johnson Matthey PLC’s shares were trading at GBX 2,234.00 as of 19 November 2021 (GMT).
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Bacanora Lithium PLC (LON: BCN)
Bacanora Lithium PLC is engaged in exploration of lithium and its development, which is critical for the EV industry. The current mcap is at £257.38 million, and it has given a return of 68.34% in the last one year. Bacanora Lithium PLC’s shares were trading at GBX 67.00 as of 19 November 2021 (GMT).
Glencore PLC (LON: GLEN)
Anglo-Swiss company Glencore plc is a commodity trading and mining giant operating across the globe. It is getting into EV batteries and has recently cracked a deal with EV battery start-up Britishvolt. The current market capitalisation is £48,884.08 million, and it has given a return 89.40% in the last one year. Glencore plc’s shares were trading at GBX 369.45 as of 19 November 2021 (GMT).