Canada Infrastructure Bank to boost ZEV adoption

TORONTO — Canada Infrastructure Bank is launching its $500-million initiative to boost zero-emission vehicle charging and refuelling infrastructure.

(CNW Group/Schneider Electric Canada Inc.)

First announced in the spring as part of Canada’s 2030 Emissions Reduction Plan and the federal budget, the initiative will support Ottawa’s goal of accelerating the adoption of zero-emission vehicles and the addition of 50,000 new chargers and refuelling stations across Canada.

The bank says it will provide financing to the private sector structured to share in charging and refuelling infrastructure use risk by aligning repayment with use levels.

If use does not reach certain agreed levels, then required repayments will be proportionally lower, and if use levels exceed expectations, the bank’s return will increase proportionally.

The bank says the financing structure is intended to address the uncertainty around zero-emission vehicle adoption rates faced by developers and investors.

One of the key barriers to zero-vehicle adoption in Canada is the lack of public charging and refuelling infrastructure, with approximately 22,000 public chargers and six hydrogen refuelling stations installed as of August 2022.