Throughout his campaign, President-elect Biden repeatedly promised to make electric vehicle infrastructure a central component of both his plans to reduce carbon emissions, as well as being a driving force to add thousands of high-paying, technical jobs to the economy.
BloombergNEF recently took a close look at Biden's plan to install 500,000 electric vehicle charging points in the US by 2030 and concluded that such an expansion in EV charging infrastructure could encourage the sale of as many as 25 million electric cars and trucks.
The report estimates that Biden's plan could cover the charging needs of up to 57% of the charging needs the US will have by 2030. Of course, we need to point out these projections are very difficult to successfully predict. Over the past decade, we've seen many predictions for the EV adoption rate as well as battery technology advancements and very few ended up being even close to being correct.
Additionally, Biden alone cannot get this done. He'll need to get approval from Congress for any kind of infrastructure spending, and that's likely going to prove difficult unless the two Democratic candidates in the Georgia Senate race both win, giving the Dems control of the Senate, and that's not likely to happen.
But if Biden is somehow successful at pushing his promised plan through, adding 500,000 charging points by the end of the decade would be monumental, and would absolutely move the needle for electric vehicle adoption.
Half a million charging stations by 2030 would mean roughly 1,000 new charging stations added in the US, every week for the next nine years. That's more than 150 per day, seven days a week, through the rest of the decade.
According to BloombergNEF data, the US is lagging behind China and Europe when it comes to electric vehicle infrastructure. Such a massive infrastructure investment by the Biden administration would make a difference and likely help close the gap with regards to Europe's lead over the US. However, China is also investing heavily in EV public charging infrastructure and it's unlikely that anyone is going to come close to matching the investment they are making.
If Biden is successful in pushing the EV charging agenda forward, we can only hope they seek the advice of veteran electric vehicle industry and infrastructure experts. There's installing EV charging infrastructure, and then there's installing EV infrastructure correctly, and well, let's just say history warns us that the government doesn't have a good track record when it comes to funding EV charging equipment.
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