The past few years have seen increased interest in electric vehicles (“EVs”), especially as we become more aware of the effects of global warming and the role humans have played in heating up the planet. Transportation accounts for more than 24% of global carbon emissions, and several governments have announced initiatives designed to increase EV adoption over the next two decades and fully electrify our roads. For instance, in Europe, the UK, France, and Germany, and have set timelines for the ban of new fossil fuel vehicles; stateside, California has followed suit.
A group of companies in the electric vehicle industry has now come together and created a new organization with a single goal: achieving 100% electric vehicle sales by 2030. Launched on Nov. 17, 2020, by 28 firms in the U.S. electric vehicle space, the Zero Emission Transportation Association will advocate national policies designed to enable 100% sale of electric vehicles in all segments of the sector, such as the medium-duty category of vehicles, by 2030.
ZETA consists of 28 companies in the American EV space including Tesla, Rivian, Lucid Motors, Li-Cycle, Proterra, and Lordstown Motors Corp. (NASDAQ: RIDE) among many others. According to ZETA executive director Joe Britton, the next decade will be critical for both government and industry. Britton, who has worked in the U.S. Senate for 15 years, says that federal policymakers can help improve air quality and public health, create thousands of employment opportunities, and drive innovation by embracing the electric vehicle industry.
The Zero Emission Transportation Association will most likely work with President-elect Joe Biden and his administration as he has already stated that he plans to push EV adoption in the country. The organization has five key policies that it feels will help the country achieve full adoption of electric vehicles by 2030: results-driven consumer electric vehicle incentives, infrastructure investments, domestic manufacturing, federal leadership and cooperation with sub-national entities, and emissions-control standards facilitating going fully electric by 2030.
The consumer incentives will boost EV adoption and reduce initial customer costs, which can be quite high. Emissions standards will be crucial to public health protection, and investing in infrastructure such as charging stations will ease the change to EVs from fossil-fuel vehicles. Additionally, federal investment in research and development will ensure that local leaders have the resources and expertise needed to aid EV adoption in their municipalities, and domestic manufacturing will create thousands of job opportunities and encourage economic growth.
Transportation is the leading cause of carbon emissions in the United States, Britton says, and only by working with the industry will the federal government be able to achieve full EV adoption by 2030. It remains to be seen how effective this industry group will be.
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