ZETA: The First Step Toward the Electric Standard
The (ZETA) is a first-of-its-kind coalition committed to 100% electric vehicle (EV) sales in the US by 2030. ZETA comprises 28 businesses, such as and to name a few, and the non-partisan group is focused on public education efforts and federal policy development, to promote EV adoption on a global scale, as well as the US.
The unique industry coalition calls for an accelerated transition to EVs in the US, in the hopes of not only reducing carbon pollution but creating thousands of new jobs in the process, putting the US at the forefront of EV manufacturing.
Joe Britton, Executive Director of ZETA, noted the crucial importance behind ZETA’s existence: "The next decade will be critical in implementing federal policies that accelerate the transition to zero-emission vehicles and help address these problems head-on. The clean vehicle sector already boasts hundreds of thousands of jobs but, if we encourage its growth, the United States can decisively win the global race to develop a new clean transportation economy and employ hundreds of thousands of Americans right here at home."
A New Age of EVs
ZETA notes five key policy pillars that can help the US become an electrical powerhouse:
1. Outcome-driven consumer EV incentives. Point-of-sale consumer incentives drive adoption, provide cost reductions and achieve real results in pushing transportation electrification. In addition, incentivizing early retirements while encouraging EV adoption will speed the transition and meet the urgency of the moment.
2. Emissions/performance standards enabling full electrification by 2030. Emission targets are a key piece of protecting public health and sending the correct market signals to support and accelerate the transition to zero-emission transportation.
3. Infrastructure investments. Strong federal charging infrastructure investments will drive the electric transportation transition and ensure that the United States is leading the way in a clean recovery where everyone is better off.
4. Domestic manufacturing. We should not only accelerate US transportation electrification but also work to ensure that we secure domestic economic growth and leadership in EV manufacturing. Federal policies must encourage job creation and economic activity across the entire EV supply chain and lifecycle, from critical materials to vehicles.
5. Federal leadership and cooperation with sub-national entities. Federal support should invest in research and development, provide an aligned vision for electrification, and ensure local leaders are empowered with the expertise and resources to support full vehicle electrification.
"For the first time in a generation, transportation is the leading emitter of US carbon emissions. By embracing EVs, federal policymakers can help drive innovation, create hundreds of thousands of new jobs and improve air quality and public health. ZETA's formation recognizes a pivotal moment for national leadership and reflects the will of the growing clean transportation sector."
IMF: Variants Can Still Hurt Manufacturing Recovery
After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022.
Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery.
Lingering Concerns Over COVID
Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high.
Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery?
IMF: Current Boom Could Falter
Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”.
Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”.
Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.