A central issue that does not get much coverage is the value of the transition away from fossil fuel engines to renewable energy, particularly the electric vehicle EV. The EV industry has attracted more than $400 billion in investments over the last decade, with $200 billion coming since the beginning of 2020. All this investment targets battery development, energy storage development, companies, and start-ups working on electrifying mobility, connecting vehicles, and implementing autonomous driving technology.
There is an energy industry consensus that electric vehicles will replace gas-powered vehicles in the very near future.
There are 2 reasons this embracing EVs will be popular.
1. All people have decided that the one thing they can do about climate change is to drive an electric car. When they go to the dealer they want an electric car and the automakers have heard this message loud and clear. As one example, in response to what the public tells dealers, Ford Motor boosted spending on electric vehicles to $50 billion, up from the previous $30 billion, through 2026. It will run its EV unit separately from its legacy combustion engine business, in a move aimed at catching industry leader Tesla. EVs are a universal issue, they are something that all people embrace. People do not have the power of the politicians to effect climate change, but they can choose what car to drive. People can see that the politicians are corrupt, that they are influenced by donations from the oil and gas industry, and they want a change. This helps people have a say in climate change.
2. The auto industry is the engine of the US economy (and the world economy), so investment in replacing the ICE internal combustion engine vehicles with renewable energy vehicles will really put money in people's purses and generate significant new tax revenue to pay off the huge debt incurred by the US GOP. Enclosed are some numbers that show that buying electric vehicles adds $41 trillion to the world economy in 5 years, and conservatively counting how that money turns adds $144 trillion added to the economy in 5 years.:
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