Canada Infrastructure Bank to Invest $500 Million into EV Charging

Photo: CIB

Canada Infrastructrure Bank (CIB) has launched an investment of $500 million into EV charging and hydrogen refueling in a new initiative focused on infrastructure, as detailed in a press release on Thursday.

The Charging and Hydrogen Refuelling Infrastructure Initiative (CHRI) is aiming to decrease greenhouse gases in the transportation sector by increasing the availability of public EV chargers. In addition to the $500 million through the CHRI, Natural Resources Canada is also gaining $400 million to support its Zero-Emission Vehicle Infrastructure Program (ZEVIP).

“Canadians want to transition to zero-emission vehicles,” said CIB CEO Ehren Cory. “The launch of our Charging and Hydrogen Refuelling Infrastructure Initiative means we’re ready to move ahead and expand the availability of charging infrastructure in communities across Canada, at scale and speed, in partnership with private sector partners. And by collaborating with NRCan, we have a like-minded partner focused on reducing GHGs in transportation sector.”

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“Electric vehicles are not only critical in the fight against climate change—they’re also the single best solution to soaring gas prices. EVs are ultimately cheaper to own that gas cars over their lifetime, and the $500 million announced today to support the expansion of Canada’s charging network will help make driving one even more convenient for more Canadians,” said Mark Zacharias Executive Director, Clean Energy Canada.

Canada ranked second to last on a recent EV readiness study, which looked at the number of EVs on the road compared to how many chargers are in a given location.

EV buyers can claim tax credits when buying electric in Canada, as one part of the country’s attempt to help consumers shift toward zero-emission vehicles.

Of brands gaining buyers with the help of Canada’s EV rebates, Tesla led car sales in August.