The Biden administration hopes to cut carbon emissions in half by 2035 compared to 2005 levels, setting the country on the path to achieving net carbon neutrality by 2050. As the effects of climate change become devastatingly clear, with the United States facing freezing temperatures and extreme heat, significantly reducing greenhouse gas emissions isn’t just about meeting green energy mandates, it’s also about saving lives. Shortly after he assumed office, President Joseph Biden unveiled a gargantuan infrastructure bill that would invest billions in the electric vehicle (“EV”) sector.
This massive investment would, among other things, finance the installation of hundreds of thousands of public electric vehicle charging stations across the country. The current administration is looking to push electric vehicle sales from only 2% to 40% by the end of the decade, and according to experts on the country’s fledgling EV industry, Biden’s electric vehicle goals are achievable. Furthermore, some green-energy proponents argue that the Biden administration should look to achieve even higher rates of electric vehicle penetration.
Jessika Trancik, a Massachusetts Institute of Technology professor who researches energy systems, notes that several automakers are now announcing plans to electrify their line-ups. The fact that the private sector is already anticipating and integrating electrification is important, she says, with the government’s duty being to make electrification attractive to both consumers and sellers. For instance, she mentions providing federal incentives to make EVs accessible to people from different income levels as the vehicles are currently too costly for the average driver.
With the transportation sector producing nearly 30% of America’s total carbon emissions, replacing internal combustion engine vehicles with zero-emission electric cars will significantly help the country meet its emission standards. But to cut carbon emissions by one-half and become a carbon-neutral economy by 2050, the United States will need a lot more electric vehicles on the road, which will only become a reality with the collaboration of both the government and private sector. For starters, University of Maryland professor John Linn says automakers will have to find a way to get consumers excited about electric vehicles.
Linn, who researches the effects of environmental policies and market incentives, notes that drivers with less disposable income have a significantly fewer EV choices, so the government needs to find ways to make the vehicles more affordable for drivers and profitable for EV makers. Investing in electric vehicle charging infrastructure would also boost EV adoption, although Linn says the government should not fully support the development of this infrastructure to encourage private investment.
Not that private investment hasn’t stepped up to the plate; the truth is that plenty of companies, including Net Element (NASDAQ: NETE) and Mullen Technologies Inc., the company it is merging, are playing a role in the transition by making and delivering different models of EVs, thereby gradually increasing the penetration of this new class of vehicles.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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