‘California Blueprint’ Budget Proposes $6.1 billion for EVs
Green Energy Startup Ossus Raises Pre-Series A Round Worth $2.4 Mn
California Governor Gavin Newsom presented California’s state budget on Jan 11. A key highlight in the heavily climate-focused budget is a provisioning of $6.1 billion for electric vehicles.
In the $286.4 billion budget proposal, an amount of $22.5 billion has been set aside for combatting the climate crisis. While $6.1 billion is to promote electric vehicle initiatives, leading to Newsom calling it a $10 billion state, sub national commitment. Last year, California had committed to spending $15.1 billion on a range of climate-related efforts including $3.9 billion for electric vehicle policies and initiatives. The state has also been at the forefront of green measures, from making solar compulsory on certain new builds, to banning gas connections in fresh buildings in key cities. The state has a 50% target for renewable energy by 2025.
California has also become the first state in the US to declare that it would ban sales of new internal combustion engines or gas-powered vehicles by 2035.
The transportation sector is estimated to account for over half the state’s green house gas (GHG) emissions.
The governor claimed that the state’s aggressive policies on EV’s had been responsible for attracting leading names like Rivian and Lordstown Motors. Charging infrastructure players like Voltas and Ample have also made the state their home.
Calling California the “Saudi Arabia of lithium” referring to Imperial County mineral deposits, near the Salton Sea, the hope clearly is to attract more battery storage firms too.
California already mandates new single-family homes and multi-family dwellings up to three stories high to include solar panels from January 1, 2020. With Silicon valley within the state, the state has access to a hotbed of innovation for its various measures. In October 2021, the state outlawed the sale of new gas-powered lawn mowers, leaf blowers and chain saws from 2024.
