With the impact of runaway climate change becoming more apparent by the day, several countries and areas are determined to cut down on their carbon emissions. Europe, China and the United States have taken the lead in the race toward electrification, accounting for most electric vehicle purchases in the world. In America, some states have advanced further along in the race to electrification than others, with California, for instance, announcing that it plans on phasing out the sale of new gas-powered vehicles by 2035, the most ambitious EV mandate in the country.
Minnesota, which is still behind California in terms of electric vehicle adoption, seems to be following its lead. The state recently adopted new clean car standards in a bid to boost the adoption of electric and low-emission vehicles among its residents, becoming the 15th state in the country to do so. Making the announcement after the clean car standards were finalized by a notice in the state register, Minnesota Governor Tim Walz and Lt. Governor Peggy Flanagan said that not only would the new standards reduce carbon emissions, but they would also boost the state’s economy.
The standards would help create “good-paying” jobs, elevate Minnesota’s manufacturing sector and give Minnesotans more purchasing choices in vehicle showrooms, Walz said. Calling the standards a win across the board, he observed that the clean-car regulations would result in cleaner air, help preserve the environment for future generations and reduce the state’s budget in foreign oil. Additionally, he noted, as electric vehicles are cheaper to fuel and maintain over the long run, Minnesotans will be saving money.
The new clean car policy implements two standards: a low-emissions standard and a zero-emissions standard. As per the low-emissions standard, vehicle manufacturers in Minnesota will be required to produce vehicles that produce low greenhouse gas emissions. The zero-emissions standard will require them to avail more vehicles with ultra-low or zero tailpipe emissions for sale in the state. As Flanagan says, transport is the main source of carbon emissions in Minnesota, and adopting clean car standards will be crucial if the state is to reduce its carbon emissions.
According to a consumer report survey cited by the governor’s office, a majority of Minnesotans are interested in purchasing electric cars, SUVs and trucks, which are the most popular vehicles in America. Unsurprisingly, the move has seen push back from the GOP, with Senate Majority Leader Paul Gazelka arguing that imposing California’s standards on Minnesotans in the wake of the coronavirus pandemic is not the right move.
The passing of such enabling policies ties in well with the efforts of for-profit entities such as Ideanomics Inc. (NASDAQ: IDEX) intended to facilitate the switch to electric mobility through strategic investments in the EV and technology sectors.
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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