ESG Report - Report - Page 14
Efficient Climate Solutions
Is 100% Electrification the Smartest and Fastest Climate
Transportation Solution?
Critical Minerals and Supply Chain Controlled by Foreign
Powers10
• It is questionable whether the world has available mineral
resource supply and adequate investment plans to meet the
demand necessary for future electric vehicles and renewable
power generation.
• Controlled by foreign powers, the supply chains of these
minerals are also less transparent in terms of human rights,
environmental regulations and higher GHG emissions.
China dominates the entire
downstream EV battery supply
chain (including mining, material
processing, cell components,
battery cells and EVs).10
,
1 Battery Electric Vehicle
6 Plug-in Hybrid Electric Vehicles
90 Hybrid Electric Vehicles
Climate Solutions Should Be Efficient:
The amount of raw materials in one battery
electric vehicle could be used to make 6 plugin hybrid electric vehicles or 90 hybrid electric
vehicles. The overall carbon reduction of those
90 hybrids over their lifetimes is 37 times as
much as the single battery electric vehicle.11
Charging Infrastructure is Costly
• The current Administration set aside $7.5 billion to build a network of charging stations. Estimates show that it
could take $55 billion to meet charging needs (1.2 million public chargers and 28 million private EV chargers
are needed by 2030).12
• 53% of U.S. adults are not confident that the U.S. will build the charging infrastructure needed to support large
numbers of EV on the roads.13
• Charging stations depend on the power grid, and depending on the source of the electricity, electric vehicles
may not offer lower GHG emissions on a full life cycle basis compared to internal combustion engine vehicles,
especially if using low-carbon fuels.16
Affordability Concerns for Hard-Working Families
• The average retail price for top-selling battery
electric vehicles in the U.S. is $15,000 more than
the average retail price for top-selling internal
combustion engine vehicles.14 In addition to higher
costs for electricity, EV buyers should also expect to
spend up to $2,900 for materials and labor to install a
Level 2 residential charger.12
• The IEA's Net Zero by 2050 Scenario anticipates that
electricity costs will account for 90% of household
energy bills by 2050 for developed economies.15
14
“Rising gas prices are overwhelming, but so
are rising electricity prices. . .Our community
members cannot afford $40,000 electric
vehicles, or pay more than $15,000 to replace
the batteries in a 'used' electric vehicle.”
- The Two Hundred, civil rights leaders
committed to closing the wealth gap of hardworking families and individuals.
