Influential investors and companies commend the Colorado Air Quality Control Commission today on their decision to adopt the Zero Emission Vehicle (ZEV) program and increase the number of electric vehicles (EVs) on Colorado’s roads.
“A strong ZEV program is a critical tool to accelerate the development and availability of EVs,” said Carol Lee Rawn, senior director of transportation at Ceres. “As the rest of the world moves toward a clean transportation system, today’s decision is a step in the right direction for Colorado to drive economic growth, reduce fuel and maintenance costs for businesses and consumers, and spur new investment and jobs.”
The ZEV program is part of California’s Advanced Clean Cars (ACC) program, and requires about 7% of new vehicle sales be zero-emission or plug-in electric vehicles by 2025. It also instructs automakers to invest in marketing EVs to the general public and make a wide range of EV models available to consumers.
In a letter delivered to the Commission in July, 21 investors and companies, including Alterra Mountain Company, First Affirmative Financial Network, IKEA US and New Belgium Brewing emphasized their support for a strong ZEV program. “Cleaner, more efficient vehicles help organizations like ours cut costs, avoid the volatility of fossil fuel prices and achieve our climate goals. . . Increased deployment of EVs will be a boon to the state, through substantial cost savings and health benefits from improved air quality and greenhouse gas emissions (GHG) reductions,” they wrote.
“IKEA is committed to accelerating electric vehicle deployment. We’re investing in widespread electric vehicle charging at our stores and planning for 100 percent of our home deliveries to be made by zero emission vehicles by 2025,” said Lisa Davis, Sustainability Manager at IKEA US. “We do this because we see the benefits electric vehicles provide to our business, from employee recruitment and retention to increased visitation. Policies that increase the availability of and access to electric vehicles will help us achieve our goals.”
“Reducing transportation-related emissions is critical to mitigating the impacts of climate change and improving Colorado’s air quality,” said Steve Fechheimer, CEO at New Belgium Brewing. “While we have made great strides in our efforts to reduce our carbon footprint, our corporate fleet remains a major contributor to GHG emissions and air pollution. A strong ZEV program presents a significant opportunity to accelerate the uptake of EVs and help Colorado companies transition to a clean transportation future.”
“As a Colorado Springs firm, we at First Affirmative Financial Network understand the significant economic opportunity that electric vehicles present,” said George Gay, CEO, at First Affirmative Financial Network. “As the rest of the world shifts toward electric transportation, forward-looking policies like a strong ZEV program provide companies and investors with the policy certainty needed to enable long-term investments in this rapidly growing industry, spur innovation, and generate more local jobs for Colorado’s residents.”
Colorado joins 10 other states that have already adopted the ZEV program to date. An analysis found that the ZEV program will bring $7.6 billion in benefits to Colorado by 2050 in the form of lower electric bills, annual vehicle operating costs and reduced GHG emissions. It also supports the state’s electric vehicle plan, which established a goal for the state to have a million EVs on the road by 2030.
Colorado previously adopted the Low-Emission Vehicle GHG standard in 2018 (another aspect of the ACC program), which limits GHG emissions from passenger vehicles and is especially important in light of the proposed rollback of the federal fuel efficiency and emissions standards.
Ceres is a sustainability nonprofit organization working with the most influential investors and companies to build leadership and drive solutions throughout the economy.