With several countries across the world looking to reduce carbon emissions from transportation, zero-emission electric cars may become exceedingly common on roads in the next few decades. But even though electric cars produce zero emissions at the tailpipe, some critics have argued that they are not 100% green because they are powered by coal-generated electricity.
To be completely free of emissions, electric vehicles would have to run on electricity that was generated via renewable sources. The U.S. government has been instrumental in encouraging electric vehicle adoption through subsidies that have made EVs somewhat affordable. Sources say that authorities are now looking to make electric cars eligible for biofuel credits.
A proposal by the U.S. Environmental Protection Agency (EPA) to add electric vehicles to the federal Renewable Fuel Standard (RFS) would be one of the most significant changes to the program since it was launched more than a decade ago. According to sources familiar with the issue, the EPA expects to send the proposals to the White House by the end of this week for approval.
Although the EPA hasn’t confirmed the details of the proposal, spokesman Tim Carroll said that the agency is keen on meeting deadlines to implement the Renewable Fuel Standard program. The program would require that oil refiners either blend biofuels into America’s fuel pool or buy RINS (tradable) credits from refiners that choose the first option. If electric vehicles are included in the program, automakers will have access to a new kind of credit called electric RINS or e-RINS. Industry players also say that EV charging companies and landfills that sell biogas to power plants could benefit from the new credit.
With America looking to replace the gas-powered vehicles on its roads with zero-emission electric cars, e-RINS could help accelerate EV adoption. Electric vehicles are much more expensive compared to traditional cars, making it impossible for a significant chunk of drivers to go electric. Even with federal and state subsidies, electric cars remain out of the reach of many Americans.
Reuters reported in June that the Biden administration had turned to Tesla for guidance on how to include electric cars in the country’s renewable fuel subsidy program. Emails seen by Reuters revealed that the administration reached out to the mammoth electric car maker in its first days and has held a series of meetings with vehicle makers in the EV space since as it worked on expanding the RFS program to electric cars.
As the uptake of EVs grows, companies such as QuantumScape Corp. (NYSE: QS) are likely to see demand grow for their solid-state batteries in order to address the stationary power storage needs as well as to serve the expanding electric vehicle market.
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