After more than a century of industrialization, humanity now has to deal with the effects of burning fossil fuels and emitting greenhouse gases for centuries. Limiting fossil fuel use would be a great step toward curbing carbon emissions, and several territories across the world have pledged to replace the fossil fuel-powered vehicles on their roads with zero-emission electric vehicles (“EVs”). This hasn’t been limited to just passenger cars, with some automakers and EV firms working on electrified models of trucks and public transit buses.
Since the companies and municipalities that run bus and truck fleets tend to have enough money to absorb the cost of buying electric versions, they are better positioned than average drivers to switch over to electric vehicles. And with authorities passing increasingly strict emission standards, especially for delivery fleets that consume a significant amount of fossil fuels and rack up millions of miles travelled per year, going electric is inevitable. As such, a group of more than 70 companies has written a letter urging governors across America to adopt a policy that would boost the adoption of electric trucks.
The Advanced Clean Trucks Act would require manufacturers of medium- and heavy-duty vehicles to increase the sale of zero-emission vehicles to a specific percentage of total sales by a certain year. California has adopted the rule already while other states, including New Jersey, Massachusetts, Colorado and New York, are considering the move. Ceres, the sustainability nonprofit behind the letter, was joined by more than 70 companies, including Unilever, Siemens, Nestlé and IKEA. In the letter, the group argued that electrifying large commercial vehicles would be good for both the climate and business operations.
Not only would electric commercial trucks help in meeting the demand for clean energy, the press release said, but the EVs would also save fleet managers money in the long run because they are cheaper to run and maintain. The rule will ensure companies play their part in meeting climate and air-quality goals, especially since large corporations are responsible for most of the world’s greenhouse gas emissions, improving public health by cleaning up the air and delivering economic benefits to companies.
IKEA fulfilment project implementation manager Steve Moelk says that the company is committed to achieving 100% zero emissions home deliveries by 2025, while Nestlé manager of policy and public affairs Megan Villarreal says that electrifying freight and delivery services is necessary in order to tackle the ongoing climate crisis.
This letter urging governors to speed up the adoption of fully electric commercial trucks is good news for companies that have been promoting the switch to electric commercial trucks, such as Ideanomics Inc. (NASDAQ: IDEX).
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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