US President-elect Joe Biden believes that achieving the goals in the fight against climate change is very important, therefore his policy intends to support the development of EVs as a whole. Janet Yellen said Biden supports restoring electric vehicle incentives.
Today, Yellen's Senate confirmation hearing for the Secretary of the Treasury took place, and the politician, among other things, spoke about climate change and the Biden administration's action to this effect. She said that this issue is one of the most critical for the United States, and for the whole world presents an enormous threat. Yellen assured that the Biden administration will be very careful about climate change, and will fund infrastructure, clean technologies, renewable energy sources, and promote the use of electric vehicles, which will create additional jobs in addition to climate benefits.
Yellen also said that Biden is in “full support” of restoring full incentives for electric vehicles, along with ensuring workers have the skills to succeed in the electric vehicle industry.
Biden has pledged to re-adhere to the Paris Agreement, an international treaty aimed at limiting global warming, and take action that will lead the US to zero emissions by 2050. He also proposed spending $2 trillion on clean energy initiatives, including a federal government commitment to buy zero-emission vehicles.
Earlier it was reported that Biden also plans to expand incentives for buying electric vehicles, and build a network of 500,000 EV chargers by 2030. His administration plans to commit $1.3 trillion towards achieving zero greenhouse gas emissions, which includes plans related to strengthening the electrical grid, and building EV charging networks in addition to roads, bridges, rail, 5G, and rural broadband. The president-elect also has pledged to incentivize “made in the USA” and reshoring through a 10% tax credit for companies that create US jobs.
The Biden administration's policies will have a significant positive impact on Tesla, and will further increase demand for cars and other products from the California-based manufacturer. This backdrop of governmental support around common sustainable energy goals will likely only add further tailwinds to Tesla as it continues to achieve next-level development worldwide.
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