Can the Electrification of Private Transport Lead to Economic Prosperity

The UK has set binding targets to meet net zero emissions by 2050 and transport is one of the key sectors where emissions will have to significantly reduce. While a range of options exist to decarbonise transport, electrification is currently, seen as a leading option for private transport in particular. To facilitate the rollout of electric vehicles (EVs), significant electricity network reinforcement is likely to be needed. However, not least because any investment in the electricity network will have to be paid for by consumers through electricity bills, a key question remains as to how this will impact economic prosperity in the long term. This policy briefing builds on a foundation of CEP research, to report on the impacts on wider economy and economic well-being indicators of investing in the electricity network to facilitate the rollout and of the subsequent impact of shifting from conventional vehicles to the extent of 99% EV penetration by 2050.