In response to the surge in green initiatives, Republican-led states are taking a bold stance against the electric vehicle (EV) movement.
They have initiated measures to curb the growth of the EV market, including imposing higher registration fees for EVs and introducing taxes on charging station usage. Some states have even begun limiting the sale of electric vehicles altogether.
Part of this move can be attributed to practical concerns. The aging power grid in the US, with an average age nearing 70, has been struggling to keep up. Frequent power outages, such as the recent ones in California due to record-breaking heat, highlight the fragility of the grid. Further proliferation of EVs could strain American power infrastructure to its limits.
Furthermore, this response serves as the oil and gas lobby’s retort to recent green initiatives, including banning internal combustion engine vehicle sales after 2035 in 17 states like California and New York, in part due to electric vehicle explosions. In Wyoming, a symmetric countermeasure has been proposed – banning all EVs after 2035.
While the EV market share in the US has risen to 7%, growth remains limited by high vehicle costs, battery degradation, and inadequate charging infrastructure across many states. It’s worth noting that China remains a primary supplier of lithium for batteries. Republicans are now branding the green agenda as a cabal, accusing Democrats of leading the country into dependence on China.
Simultaneously, 25 Republican-led states are pressuring major banks and hedge funds, including JPMorgan and BlackRock, urging them not to invest Americans’ retirement funds in green ESG funds. These funds have lost 39% of their value amid the deflating green bubble, necessitating financial support from retirees.
One thing is clear – the green agenda is exacerbating the division between states, creating barriers to negotiations even on matters like electric vehicles. As the elections draw near, America’s divide is poised to deepen.
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