California is pushing for electric vehicle (“EV”) adoption as it plans to transition from depending on fossil fuels. Last week, officials from Governor Gavin Newsom’s office (D-CA) and the California Environmental Protection Agency announced that the one-millionth electric vehicle had been purchased within the state. During the press conference, they announced that the state would have more zero-emission vehicles (“ZEV”) running in comparison to several states combined.
This is part of the governor’s plan that he announced in 2020; the plan states that by 2035 ZEV will make up all car and passenger trucks sold within the state. The state makes one-half of the country’s exports of electric vehicles. He hopes that with the state eliminating its dependency on oil, it will provide the world with a “blueprint” on combating climate change and growing its clean energy economy.
In January, Newsom outlined a package worth $10 billion that would accelerate the transition to ZEV. This package would ease EV adoption by offering assistance during purchase as well as availability of charging infrastructure.
California is looking to meet its climate goals by addressing the needs of communities in polluted and underserved localities. According to Alvaro Sanchez, vice president of policy at the Greenlining Institute, this shows that the state will not only achieve its climate goals but also progress equity. The total $10 billion package will come from last year’s investment of $3.9 billion and this year’s proposed $6.1 billion addition.
The package is distributed across different categories with the notice mentioning that $256 million is being allocated to low-income consumer purchases and $900 million for charging infrastructure within those areas. Meanwhile, $935 million will be used to add 1,000 zero-emission trucks and almost 2,000 transit buses that are electric. Zero-emission trucks will get $1.1 billion, and $400 million will be used to electrify ports.
Sustainable projects that are community based and increase access to zero-emission mobility will receive $419 million. Such projects include charging options and projects that are a direct response to an identified need. Meanwhile, projects in sectors with high emissions of greenhouse gas will receive $200 million.
By accelerating solutions that lower greenhouse emission, California can prove that it is a hub of innovation through such economic developments.
Another milestone the state reached was surpassing the 2020 reduction target of greenhouse gas four years before the due date . This was achieved while the state’s economy increased by more than 25%.
Other goals that the state has include becoming the first state in the country to stop sales of gas cars by 2035. By 2045, they are seeking to have truck manufacturers fully transition to producing ZEVs. Moreover, as state officials look to phase out fracking and oil drilling, about 485,000 jobs are expected to be created in the clean-energy economy, which is six times bigger in comparison to the gas sector.
California has opted to be proactive on matters of encouraging residents to switch to EVs, and this leadership at the top is creating an enabling environment for manufacturers such as Mullen Automotive Inc. (NASDAQ: MULN) to thrive and make decent sales in this nascent industry.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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