This latest investment plan covers the period from 2015 to 2020, government officials say

Apr 30, 2014 20:03 GMT  ·  By
UK announces new round of investments in eco-friendly cars, a greener trasnportation sector
   UK announces new round of investments in eco-friendly cars, a greener trasnportation sector

This past April 29, the United Kingdom government announced that the country was to kick it up a notch and make some serious investments in greening up its transportation sector.

Thus, word has it that, between 2015 and 2020, the United Kingdom is to invest as much as ₤500 million (approximately €607 million / $841 million) in developing its low-emission vehicle industry.

The end goal is to help drivers afford electric cars and feel confident about using them to navigate the country's roads and highways, information shared with the public says.

“This major investment is there to make driving an electric car affordable, convenient, and free from anxiety about the battery running out,” Nick Clegg says in a statement.

“But it’s also about creating a culture change in our towns and cities so that driving a greener vehicle is a no-brainer for most drivers,” the Deputy Prime Minister adds, as cited by Green Car Congress.

On its website, the United Kingdom's government details that, for the time being, the country's automotive industry is worth about £11.2 billion (roughly €13.6 billion / $18.8 billion) to the national economy.

It is believed that, if this industry is to continue growing, efforts must be made to support the production of and promote the so-called ultra low-emission vehicles, otherwise known as ULEVs. More so given the need to curb pollution and limit climate change and global warming.

Government officials say that more detailed information concerning this latest ₤500 million investment scheme in the country's transportation sector will be shared with the public over the following months. Still, some news is already available.

Thus, it appears that, under this initiative, local areas can win as much as £35 million (some €42.5 million / $58.8 million) to promote ULEVs by allowing people who drive such cars to park for free or use bus lanes, and £50 million (about €60.7 million / $84 million) for investments in eco-friendly taxis and buses.

Besides, word has it that the United Kingdom government is ready and willing to spend £100 million (roughly €121.4 million / $168 million) on ULEVs research and development, £32 million (approximately €38.9 million / $54 million) on charging infrastructure, and to continue offering car grants of £5,000 (€6,074 / $8,413) off the upfront cost.

“Ultra low emission vehicles bring together our most successful manufacturing sectors with our biggest long-term challenge – climate change. Britain can be the leading country in the world in developing, manufacturing and using ULEV. This half billion pound government investment will help to ensure we rise to the challenge,” Chief Secretary to the Treasury, Danny Alexander, comments on this initiative.