The Biden administration has unveiled the strictest vehicle exhaust emissions limits in North America’s history to encourage the accelerated development and adoption of battery electric cars. Last week, the U.S. Environmental Protection Agency (EPA) announced the finalized national pollution standards for medium-duty vehicles, light-duty trucks and passenger cars developed from the year 2027 to 2032 and beyond.
Dubbed the Multi Pollutant Emissions Standards for Model Years 2027 & Later Light-Duty and Medium-Duty Vehicles, the standards would prevent the creation of more than seven billion tons of carbon emissions in the country over the next three decades and provide an estimated $100 billion in yearly net benefits to American society. This includes a whopping $62 billion in reduced yearly fuel expenses, repair and maintenance costs as well as $13 billion in annual public health benefits, thanks to cleaner and higher-quality air.
While the finalized standards were softened slightly as a concession to vehicle manufacturers, they mostly deliver on the pollution-reduction promises outlined in the proposed rule. Rather than calling for carmakers in the country to stop producing internal combustion engine (ICE) vehicles over an extremely tight timeline, the EPA will allow them to continue ICE vehicle production as long as they steadily reduce fossil-fuel car production.
This is contrary to the United Kingdom and European Union, which have taken a stricter approach to emissions standards and are set to ban the sale of all internal combustion engine vehicles from 2035. According to the EPA’s projections, the final emission standards will cause employment opportunities in the country’s auto manufacturing space to surge, putting the standards in line with the current administration’s commitment to creating high-quality and good-paying union jobs through the clean energy transition.
America’s car manufacturing industry has added more than 100,000 new jobs during the Biden-Harris administration’s tenure, thanks to more than 160 planned investments in clean-vehicle production. With the global auto sector poised to adopt electric vehicle technology to cut greenhouse-gas emissions from the transport sector, the United States plans on building up its domestic battery electric vehicle (BEV) industry before becoming a global leader in the electric vehicle space. Consequently, the industry will likely create many more jobs as it matures and Americans adopt electric vehicles in mass.
The finalized standards will give the auto industry more certainty, attract private investment and reduce consumer costs, around $6,000 in lower maintenance and fuel costs while protecting the environment and society from increased pollution.
As these strict emissions standards take effect, electric vehicle makers such as Tesla Inc. (NASDAQ: TSLA) could see a lot more people opting for their models in lieu of ICE vehicles known for the carbon emissions that are accelerating climate change.
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