Please invest in Our Daily Planet today, by making a one time or monthly contribution.
We do not charge our readers a subscription fee for our content. We want to continue to grow our readership, particularly among millennials and public servants. Voluntary contributions from readers will help us employ interns and freelance journalists, expand our content, and reach a larger audience.
Why This Matters: The investments in electric vehicles are clearly market-driven, but it cannot hurt to have Presidential frontrunner Joe Biden on the campaign trail talking about using the federal purchasing power to transition the federal fleet to electric vehicles. Ironically, even the mining industry sees a silver lining in all the talk about EVs and renewable electricity — they expect their industry to grow along with the demand for minerals needed for batteries to power EVs and homes on renewable electricity. So while some might worry about Biden’s emphasis on transitioning off fossil fuels, many in business are starting to plan on it.
EV Manufacturing Ramps Up
CNN Business reports that GM’s Factory Zero will run on 100% renewable energy, such as wind and solar power, by 2030, as will all of GM’s factories. Better yet, the plant also includes a 16.5-acre wildlife habitat that is home to foxes, wild turkeys, and monarch butterflies, GM told CNN. In addition, GM last week announced plans to invest $150 million into five Michigan plants, including Orion Assembly for electric production, and $2 billion into its Tennessee plant for the production of electric Cadillacs. GM wants to produce 20 electric models by 2023, but ironically to do that it will have to have a successful lineup of pickups and SUVs to support the electric vehicles until they are profitable. GM also announced last week that reservations for the first year of a special edition Hummer EV, which runs $112,595, immediately sold out. At the same time, GM’s stock price rose nearly 5% after that, according to CNBC.
Mining Also Looking Ahead
Rare earth minerals, as well as lithium, copper, and nickel, are key to the ability of the U.S. to develop batteries for the future. And one of the key issues is procuring these minerals from domestic suppliers, which Reuters reports is also a top priority for Vice President Biden because the United States currently imports them from China and other countries. For example, “executives at Glencore Plc, which controls PolyMet Mining Corp, view its Minnesota copper mine project as a long-term investment and have no plans to scale back if Biden wins, a source familiar with the company’s thinking told Reuters.” In addition, Reuters reports that “ScotiaBank analysts project the Biden plan will spark a multi-year boon for copper, one of the best electrical-conducting metals. EVs use twice as much copper as internal combustion engines.”
To Go Deeper: Read this interesting Medium post about the need to educate Americans about EVs — for example, 42% believe EVs need gasoline to run.
Chicago-based Invenergy announced this week that it will construct at a site in northeastern Texas a $1.6 billion project that will provide 1,310-megawatts of solar energy by 2023. The project is likely to create approximately 600 jobs during the construction, as well as bring in more than $250 million in landowner payments and $200 million in […]
by Ashira Morris, ODP Contributing Writer Since the beginning of the pandemic, most Americans have received a single check for $1,200. However, fossil fuel companies are not most Americans. The US government spent big — $15 billion dollars big — to help the companies responsible for the climate crisis. According to a new analysis by […]
On Friday, the Treasury Department proposed a rule that states that “decisions by banks to not serve a specific customer should be based on individual risks, rather than a categorical exclusion.” according to The Hill.
Why This Matters: This kind of government mandate overriding the free market smacks of, well, socialism or cronyism or both. And while oil ad gas companies are now hurting, they’ve reaped billions from our dependence on oil and gas for fuel.
Our Daily Planet is your daily dose of the stories shaping our world and the ways that you can take action. From the climate crisis to the protection of biodiversity, if these issues matter to you then please subscribe & stay informed!
Your privacy is Important! We promise never to use your email address to send you spam or advertisements.