National EV Charging Station
National EV Charging Station
Business Model Description
Invest in EV charging infrastructure which will allow Belize to reduce its carbon footprint and tap into a growing global trend of automotive electrification. Government will faciliate the development and construction of EV charging infrastructure, with the EV charging stations being privately owned.
Expected Impact
Contributes to cleaner air and reduced carbon emissions that will benefit people and the environment.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Belize: National
Sector Classification
Renewable Resources and Alternative Energy
In 2017, there were more than 64,000 private vehicle passengers on Belizean roads per week which is forecasted to double by 2035. Roughly 174 vehicles per 1,000 inhabitants exist and carbon emissions are set to total more than 350,000 metric tons of carbon dioxide per year. Increased CO2 emissions have dangerous environmental trends that can have a disproportionate effect
Automobiles
It is projected that by 2025, there will be more than 83 thousand private vehicle passengers on the road per week in Belize, and 109 thousand by 2035. Consistent advancement in EV technology promises to continue to reduce prices and support electric vehicle sales to the general public. Investing in EV infrastructure contributes to Belize's NDC targets which include avoiding 117 KtCO2e/year21 from the transport sector by 2030
Pipeline Opportunity
National EV Charging Station
Invest in EV charging infrastructure which will allow Belize to reduce its carbon footprint and tap into a growing global trend of automotive electrification. Government will faciliate the development and construction of EV charging infrastructure, with the EV charging stations being privately owned.
Business Case
Market Size and Environment
174 vehicles per 1,000 people in Belize
174 vehicles per 1,000 people in Belize ~ roughly 70,000 ICE vehicles
Indicative Return
5% - 10%
Approximately 8% IRR is estimated from an initial investment of USD 1.1 MN.
Investment Timeframe
Medium Term (5–10 years)
The total investment timeframe is expected to be short term given the size of the investment and the business model. Based on the estimated gain on investment, the payback period is approximately 5 years.
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
Capital - Limited Investor Interest
Impact Case
Sustainable Development Need
Belize’s road transport fleet is responsible for almost 99% of fossil fuel consumption in the country, therefore, affecting the air quality with clear repercussions on public health. Also, by emitting GHG, the vulnerability of the country to climate change correspondingly increases.
Gender & Marginalisation
Global warming affects all people especially the marginalized who live under poorer conditions. Efforts to improve conditions is vital.
Expected Development Outcome
As Electric vehicles do not generate any (zero) emissions, it would result in better environmental benefits such as better air quality and health as carbon emissions are significantly reduced Additionally, commuters will benefit from a more eco-friendly transportation solution
Gender & Marginalisation
Women and low income communities suffer disproportionately from the effects of global warming partly caused by CO2 emissions.
Primary SDGs addressed
11.2.1 Proportion of population that has convenient access to public transport, by sex, age and persons with disabilities
Satisfaction with public transport 49 % (2014)
90% of the population has access to regular public transport service in less than 30 min from their homes by foot (Belize CTNMP)
7.1.2 Proportion of population with primary reliance on clean fuels and technology
In 2018, 83.0 % of the population relied primarily on clean fuels and technology.
9.4.1 CO2 emission per unit of value added
0.2 kg per PPP$ of GDP in 2018
Belize's NDC targets which include avoiding 117 KtCO2e/year21 from the transport sector by 2030 through a 15% reduction in conventional transportation fuel use by 2030 and achieve 15% efficiency per passenger- and tonne-kilometre through appropriate policies and investments.
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Outcome Risks
Negative externalities are limited.
Impact Risks
External factors disrupt delivery of expected impact.
Impact Classification
What
Invest in EV charging stations for EVs in the country will lead to a more sustainable transport system
Who
Persons with EV vehicles can utilise the stations, more affordable transport solution in comparison to a fuel/diesel vehicle
Risk
Belizean population choose not to adopt and purchase EVs.
Impact Thesis
Contributes to cleaner air and reduced carbon emissions that will benefit people and the environment.
Enabling Environment
Policy Environment
Developing Belize's EV capacity is a national priority and outlined in Belize's Updated Nationally Determined Contribution. However, a national EV strategy does not exist as yet. The Government of Belize's NDC targets include avoiding 117 KtCO2e/year from the transport sector by 2030 through a 15% reduction in conventional transportation fuel use by 2030 and achieving 15% efficiency per passenger- and tonne-kilometre through appropriate policies and investments. Currently ~0.32 tonnes of CO2 transport emissions per capita in Belize.
Financial Environment
Uncertainty remains as to fiscal incentives for the importation of electric vehicles and a national strategy for the development and establishment of emissions-based taxes/feebates for imported vehicles is still in its very early stages.
Regulatory Environment
The Public Utilities Commission (PUC) is the sole regulatory agency for the electricity, water, and telecommunications sectors. EV infrastructure would have to meet national and international safety and accessibility standards.
Marketplace Participants
Private Sector
Potential IOA investors.
Government
Ministry of Public Utilities and Logistics is responsible for national public utilities policy. Ministry of Sustainable Development, Climate Change & Disaster Risk Management is responsible for national sustainable development and climate change policy.
Target Locations
Belize: National
References
- ("1) Energy Transition Initiative. (2015). Energy Snapshot: Belize. Retrieved from https://www.nrel.gov/docs/ fy15osti/62707.pdf " "2) MDPI Journals. (2021). Systemwide Consideration for Electrification of Transportation in Islands and Remote Locations "
- (3) Belize Electricity Limited. (n.d). Charging Infrastructure
- (4) Belize Electricity Limited. (2020). Charging Infrastructure Request for Proposal " 5) International Energy Agency. (2021). Global EV Outlook 2021: Accelerating ambitions despite the pandemic. Retrieved from https://iea.blob.core.windows.net/assets/ed5f4484-f556- 4110-8c5c-4ede8bcba637/GlobalEVOutlook2021.pdf " " 6) MDPI Journals. (2021). Systemwide Consideration for Electrification of Transportation in Islands and Remote Locations " "7) United States Department of Energy. (2015). Costs Associated With Non-Residential Electric Vehicle Supply Equipment: Factors to consider in the implementation of electric vehicle charging stations. Retrieved from https://afdc.energy.gov/files/u/publication/evse_cost_report_2015.pdf "