Biden Administration Provides $1.5 Billion for Zero-Emission Trucks
The Biden Administration announced in mid-March its plans to build electric corridors across the nation. Now it is putting its money where its mouth is, as the Environmental Protection Agency (EPA) is offering $1.5 billion to various states and municipalities to accelerate the switch to zero-emission vehicles.
Details
The declaration of this grant money comes from a discussion the Biden Administration had with various industry stakeholders:Â truck fleets, vehicle manufacturers, and utility companies were among the list of those invited to the big reveal.
The money comes from the EPA granted to it by Congress and the president through the Inflation Reduction Act. The EPA hopes to use the money to plant support infrastructure for electric and hydrogen-powered vehicles, as well as to fund the training for the human effort that will get these processes done.
Drew Kodjak of the White House Climate Policy Office talked on April 24th about the electric corridor strategy, of which these grants from the EPA will help develop. “…a lot of the work that is being done to make investments in infrastructure are aligning beautifully with that strategy. It’s not really surprising, frankly, because most of the strategy is built around where most of the freight is; where the big opportunities are.”
The Clean Freight Coalition estimates that the cost of electrifying America’s fleet would be upwards of $1 trillion dollars, meaning that through this initiative, we are at least 1/1000th of the way there.
Conclusion
Regardless of how much funding the EPA, Department of Transportation, and greater Biden Administration as a whole put into funding for zero-emission infrastructure, it will be a long while before we see electric and hydrogen trucks overtake diesel. Experts predict that it will be at least 2030 before the demand for fossil fuels starts to decline year-over-year as opposed to increasing within the United States.
If the trucking industry knows anything however, it is that things take time. Just as hauling almonds from California to Massachusetts takes numerous days, transitioning to zero-emission vehicles is going to be a long haul journey, and to keep the analogy going, the potential green future of trucking has only just crossed into Nevada. We at TopMark Funding are exploring our options to provide funding solutions for these new zero-emission vehicles but have no comments at this time.
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