New research by Midlands Connect has found a quicker uptake of electric vehicles in the region could be worth nearly £9bn.
The transport body has published its latest EV research, with recent investigations showing the benefits of reducing carbon emissions and cleaner air will result in £8.7bn of benefits to the Midlands’ economy.
It says the benefits will start to be released by 2035 a few years after the proposed phasing out of petrol and diesel engine vehicles.
A decline in transport emissions are estimated to fall from more than 14m tonnes of harmful chemicals such as CO2 per annum in 2023 to under 7m tonnes per annum by 2050. This could be worth between £405m or up to £1.5bn.
The findings follow the publication of Midlands Connect’s report, Supercharging the Midlands, which investigated the future of EVs in the Midlands and advocated for more EV charge points across the region.
It found that EV use in the Midlands was projected to increase by more than 3000% by the end of the decade.
Midlands Connects’ report set out three scenarios for EV uptake in the region – low, medium and high.
The upper end of these scenarios have now been used by the Department for Transport in their national framework for the rollout of electric vehicle (EV) infrastructure, the 2035 Delivery Plan for Transitioning to Net Zero report.
Bharat Pathania, technical innovation lead at Midlands Connect, said: “By reducing the number of petrol vehicles on our roads and swapping to healthier options like EVs, we can enjoy cleaner air across the Midlands.
“All in all this means less carbon dioxide and cleaner air which means a better economy.
“This isn’t just a health thing – it’s a massive economic thing too – it’s worth up to £1.5 billion for the NHS and nearly £9bn for the Midlands’ economy.
“Midlands Connect has led the way on EV work and this analysis shows quicker uptake of EVs is win-win for everyone.”