Billions of pounds in UK investment and thousands of jobs are at risk if the Government considers weakening zero-emission vehicle sales targets, industry leaders have warned.
A staggering 57 of Britain's top 100 transport companies, representing £900billion in turnover, have either moved or are planning to relocate investments to markets more supportive of sustainability goals.
The unprecedented joint warning comes from leading industry bodies BEAMA, ChargeUK, REA and UKSIF, who are urging the Government to maintain existing electric vehicle sales requirements.
The potential watering down of the Zero Emission Vehicle (ZEV) mandate threatens both the rapid rollout of charging infrastructure and the future of the UK's low-carbon transport sector.
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Experts are warning that changing ZEV mandate targets could cost billions of pounds
GETTYPrivate investors require urgent reassurance that EV sales targets will remain unchanged to continue funding vital infrastructure development.
Under the current ZEV mandate, vehicle manufacturers must sell a minimum of 22 per cent zero emission vehicles in 2024, rising to 80 per cent by 2030 and reaching 100 per cent by 2035.
Industry organisations representing charge point operators, manufacturers, service providers and infrastructure investors have issued an unprecedented joint call for action.
They are demanding swift and decisive confirmation from the Government that these targets will remain unchanged.
The threat to investment extends beyond the transport sector, with the renewable energy industry's 143,000 jobs potentially at stake.
Vicky Read, CEO of ChargeUK, said: "The ZEV Mandate is working. More and more new and used EVs are being sold as drivers embrace the switch to electric vehicles.
"But this hasn’t happened by accident, our members have been able to put in the hard work confident the Government backed their efforts.
"We need ministers to reconfirm that they will stand by the current ZEV mandate or they risk fatally spooking the very investors they say they are so keen to attract to the UK."
Private investors have already committed £6billion through the UK's charge point operators, but this funding stream is now under threat.
The Government's previous decision to delay the petrol and diesel car phase-out from 2030 to 2035 has already damaged investor and consumer confidence, according to the experts.
The pace of infrastructure development remains robust, with a new public charger being installed every 25 minutes and the UK automotive industry is currently exceeding its 22 per cent ZEV sales target for the year.
James Alexander, CEO of UKSIF, added: "Policy wavering risks undermining that confidence, which would be very hard to recover from.
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The UK could see the loss of thousands of jobs if ZEV targets are altered
PA"Meanwhile the lack of a long-term sector decarbonisation plan for UK transport is stalling further private investment and risks widening the gap between our emissions targets and our trajectory.
"Private finance is ready and waiting to finance electric vehicles and charge points, but other geographies are doing a better job of providing a transparent, consistent policy approach, and the UK risks losing out."
Speaking previously to GB News, a Government spokesperson said: "We’re committed to delivering greener transport by supporting the transition to electric vehicles.
"We will provide certainty to manufacturers by restoring the 2030 phase-out date for new petrol and diesel cars, and are committed to accelerating the rollout of electric vehicle charging infrastructure. We will set out further details in due course."
