As the Biden administration touts electric vehicles as the future of personal transportation, a new report has found that the supposed benefits of EVs won’t improve the environment or lower costs for consumers.
The "Electric Vehicles for Everyone? The Impossible Dream" study, published this month by the Manhattan Institute, found that the rapid transition to EVs in the U.S. transportation sector would increase consumer costs, weaken the electric grid, threaten national security, and may not help reduce greenhouse gas emissions.
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Mark Mills, the study’s author, investigated EV research and said that the claims for climate and cost benefits are based on “guesses." He concluded that no one, lawmakers included, knows if carbon dioxide emissions will decrease as EV use rises or whether EVs will become equal to the price of conventional cars.
“Ultimately, if implemented, bans on conventionally powered vehicles will lead to draconian impediments to affordable and convenient driving and a massive misallocation of capital in the world’s $4 trillion automotive industry,” Mills wrote.
The report also showed that emissions and costs of vehicles are subject to changing variables.
“Imagining a hypothetical all-EV world requires acknowledging the unavoidable fact of a rats’ nest of assumptions, guesses, and ambiguities regarding emissions,” Mills concluded. “Much of the necessary data may never be collectible in any normal regulatory fashion, given the technical uncertainties and the variety and opacity of geographic factors, as well as the proprietary nature of many of the processes.”
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He added that the “uncertainties could lead to havoc if U.S. and European regulators enshrine 'green disclosures' in legally binding ways.”
The study comes as President Joe Biden continues to push his green agenda, which has an ambitious goal of making EVs comprise 50% of all vehicles sold in the U.S. by 2030. The White House has also been funding billions of dollars into its environmental initiative, with nearly $24 billion allocated toward installing 500,000 public charging stations in the U.S.