Charging stations: the Canada Infrastructure Bank invests $500 million

Charging stations: Canada Infrastructure Bank invests $500 million

UPDATE DAY

The Canada Infrastructure Bank (CIB) on Wednesday launched a $500 million initiative to accelerate the development of zero-emission vehicle hydrogen charging and refueling infrastructure. 

This initiative was first announced in April 2022 as part of Canada's 2030 Emissions Reduction Plan and the federal budget.

It aims to objective to support the Government of Canada in its plan to accelerate the adoption of zero-emission vehicles (ZEVs) and to add 50,000 new charging stations and hydrogen refueling stations across Canada.

To address investor uncertainty about the level of usage of the terminals, the CIB has indicated that it will provide financing to the private sector to share “the risk of use by aligning the reimbursement of funding with the levels of use”.

According to the BIC, the lack of infrastructure could charging station “is a recognized barrier to the adoption of ZEVs across Canada.”

As of August 2022, approximately 22,000 public charging stations and six hydrogen refueling stations have been installed in Canada, “Which is significantly below projected needs to support ZEV adoption,” the bank said in a statement.