Just a few months into his first term, President Joe Biden has unveiled a massive infrastructure plan that would support a mass shift from fossil fuels to clean renewable energy and zero-emission vehicles. The Democrat campaigned on a green-energy platform, pledging to tackle the climate change crisis while simultaneously helping the country’s economy recover from the coronavirus pandemic. Soon after he assumed office, Biden announced a plan to build 500,000 public electric charging stations across the country.
The new infrastructure plan, which was released in late March, outlines his green-energy plan more conclusively. Among other things, the plan would support policies designed to boost electric vehicle (“EV”) adoption, provide funding for half a million public EV charging stations and prepare the electric grid for a mass shift from gas-powered vehicles to EVs. At the moment, EV adoption is held back by a variety of factors, chief among them the high upfront costs drivers have to bear as well as an insufficient and often unreliable network of public charging stations.
According to an official fact sheet released by the White House, Biden’s infrastructure plan sees technology leadership, climate change and more employment opportunities as connected issues that should be addressed together. The plan includes a massive $174 billion investment to boost EV adoption by supporting the retrofitting of factories, reducing reliance on foreign supply chains, boosting the local EV market, and providing job opportunities to develop EV batteries and electric vehicles.
The plan would provide tax incentives and point-of-sale rebates to make zero-emission vehicles more affordable as well as incentive programs and grants to support the development of a network of 500,000 EV chargers by 2030. The Biden administration has already pledged to replace its entire fleet of vehicles with EVs, prioritizing American-made models. The White House has also stated that one of its top priorities is expanding the tax credits EVs are already entitled to.
On top of electrifying the entire federal fleet, Biden’s infrastructure plan would see 50,000 gas-powered transit vehicles replaced with electric models. It would also provide funding for the electrification of 20% of America’s fleet of school buses. Finally, $15 billion has been designated for projects in carbon capture, utility-scale energy storage solutions and rare earth element separations, while $50 billion will be used to fortify the nation’s infrastructure against extreme weather events.
The electric vehicle industry is predictably happy with the infrastructure plan. Fred Krupp, president of the Environmental Defense Fund, notes that zero-emission electric buses and trucks are key to achieving the nation’s climate goals.
The federal infrastructure plan comes at just the time when the EV industry is waiting to see what the planned merger between Mullen Technologies and Net Element (NASDAQ: NETE) has to offer the electric vehicle sector that is evolving rapidly to meet motorists’ needs of today and years to come.
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
About Green Car Stocks
Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.
To receive SMS text alerts from Green Car Stocks, text “Green” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.greencarstocks.com
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.greencarstocks.com/Disclaimer
Green Car Stocks
Los Angeles, CA
www.greencarstocks.com
415.949.5050 Office
Editor@GreenCarStocks.com
Green Car Stocks is part of the InvestorBrandNetwork.
With demand for electric vehicles reaching record lows in recent months, an increasing number of…
Using an electric vehicle in the United States and other countries has become much easier…
A recent study by a California-based researcher has revealed that policymakers could address consumer concerns…
A recent report by Synapse Energy Economics has revealed that U.S. battery electric vehicle (BEV)…
A senior government official has urged President Joe Biden to take steps and prevent cheap…
An American appeals court has backed the Environmental Protection Agency's (EPA) decision to allow the…