A Cash for Clunkers program would see EV buyers retire their gas cars for a cash incentive rather than a trade-in. Would it be more effective? New research from the MIT Sloan School of Management and the Penn State Smeal College of Business found that it would be.
MIT Sloan professor John Sterman, a co-author of the study, said:
Gasoline-powered cars, SUVs, and pickup trucks generate nearly 17% of US greenhouse gas emissions, and once purchased, stay on the road for decades.
To meet 2050 climate goals, it’s not enough to promote the purchase of new EVs. We must also accelerate the retirement of existing fossil-powered vehicles.
But even with EV sales on the rise in the United States, the study found that it will take decades for the existing US fleet to electrify without additional policies.
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