President Joe Biden’s first few weeks in office have seen him issue a flurry of executive orders, some that will set the tone for the rest of his presidency. An ambitious plan by the President to help battle climate change would see 500,000 electric vehicle (“EV”) charging stations deployed across the United States by 2030. Via executive order, Biden says he will also replace the U.S. government’s fleet of nearly 650,000 cars with electric models.
The plan has been lauded by environmentalists and renewable energy champions. Transportation accounts for 28% of all carbon emissions in the U.S., more than any other carbon emitter, with light-duty vehicles producing 59% of carbon in the transportation sector. By replacing the government’s massive fleet with electric models and installing half a million chargers across the country, the Biden administration can help cut carbon emissions by a wide margin.
However, great as Biden’s plan may seem, it will face several implementation challenges, especially at the state level. States and cities have differing attitudes towards electric vehicles, with some going to great lengths to boost widespread EV adoption and others slapping EV’s with high registration fees to replace the tax revenues lost due to declining gasoline purchases. Launching such a widespread network of charging stations across state and city lines by 2030 is sure to be a challenge.
California, for instance, has been insanely supportive of the nascent electric vehicle industry and has taken several steps to encourage residents to ditch their old internal-combustion-engine (“ICE”) vehicles for electric vehicles. It is the only state to set deadlines for electrifying heavy trucks, transit buses and commercial vehicles, and it’s the only state to help low-income drivers replace their ICE cars with second-hand EVs. The state also has plans to deploy chargers within economically distressed areas.
According to the American Council for an Energy-Efficient Economy, other states have done much less to reduce barriers to purchasing EVs. California and states such as Maryland, Colorado and Oregon are offering incentives, setting lower electric rates for charging EVs at certain times and adding more charging options; California scores 91 out of a total of 100 points on the council’s scale. On the other hand, 20 states earned 15 points or less.
According to Car.com, hybrid and EV searches made up less than 1% of its total searches in 2020, a sign that even though the EV industry is making considerable progress, especially with the Biden administration’s support for green energy, there is still a long road to widespread adoption.
An interesting development to follow within the electric vehicle sector is what is happening between Net Element (NASDAQ: NETE), a financial solutions company, and Mullen Technologies Inc., an EV maker. Through a reverse merger, the two companies will soon become one organization.
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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