Milbank Global Project, Energy and Infrastructure Finance partner Allan Marks was interviewed by Institutional Investing in Infrastructure on the U.S. Departments of Transportation and Energy’s new National Electric Vehicle Infrastructure Formula Program (NEVI).
According to Mr. Marks, expanded EV charging networks are essential to the larger decarbonization effort in the US, aimed at combating climate change and transitioning to cleaner energy, as well as promoting environmental justice. The program, launched in February 2022, allocates $5 billion in funding over five years to build a nationwide electric vehicle charging network. It is designed to support alternative fuel corridors, particularly along the Interstate Highway System. NEVI is a key component of over $15 billion in federal funding allocated to EVs, clean transit, and electric or alternative fueled buses and ferries in the Bipartisan Infrastructure Law enacted in November 2021. States participating in the program must submit an EV Infrastructure Deployment Plan to the Joint Office of Energy and Transportation describing proposed uses of NEVI funds consistent with Federal Highway Administration guidance.
In “A Conversation With Allan Marks: Assessing the New U.S. National Electric Vehicle Infrastructure Program,” Mr. Marks analyzes:
- the role of EVs and electrification of transportation in reducing GHG emissions;
- NEVI funding for EV charging, hydrogen, propane and natural gas alternative fuel corridors, which cover over 165,722 miles of interstate highways;
- states where investment will be focused, including Texas, California, Florida, New York and Pennsylvania; and
- NEVI’s impact on manufacturing and demand for EV charging equipment and systems.
