This week, car companies took the lead on new announcements. Volkswagen plans to invest $193 billion in electrification efforts over the next five years, manufacturing batteries, developing software, and sourcing raw materials for its vehicles, and Honda is turning its Ohio auto plant into an EV hub. Meanwhile, Nissan aims to reduce EV development and manufacturing costs by 30 percent by 2026, which will bring down consumer prices considerably over the next few years. 

According to a new report by the Environmental Defense Fund, investments in U.S. EV manufacturing have reached $120 billion, creating 143,000 new jobs over the last eight years. Notably, more than 40 percent of those announcements occurred in the last six months – since the passage of the Inflation Reduction Act. Also, by the end of 2022, EV production in the U.S. represented seven percent  of total domestic car production, up 4.7 percent from the year before. 

The Biden Administration announced $2.5 billion in funding for EV charging stations nationwide, including $700 million to set up EV chargers and alternative fuel stations in rural parts of the country. The Administration also announced nearly $800 million combined across projects to advance clean hydrogen technology and reduce methane emissions in the oil and gas sector. And this week, the EPA officially expanded a regulation from the Obama Administration to strengthen air pollution standards, including power plants, mills, factories, and other industrial facilities. The move will be applied to factories and power plants in 23 Western and Midwestern states to reduce smog. 

In the states, lawmakers are continuing to pursue innovative climate policies. Minnesota lawmakers are weighing the strictest clean transportation standard in the country, Maine wants to move up their state’s target for reaching 100 percent clean energy, and Illinois may move to require labels on gas stoves, warning consumers about their pollution.  

This week, companies announced new wind projects and factories for solar modules and EV manufacturing. Volkswagen plans to invest $193 billion in electrification, while Nissan aims to reduce EV development and manufacturing costs by 30 percent by 2026 to make them more consumer-affordable: 

According to the EDF, 40 percent of EV manufacturing job growth in the past 8 years occurred in the last 6 months—since the passage of the Inflation Reduction Act: 

The Biden Administration announced $2.5 billion in funding for EV charging stations, $750 million to advance clean hydrogen technology, $47 million to reduce methane emissions, and are cracking down on smog-polluting smokestacks across the Midwest: 

States continue to introduce innovative policies to drive forward climate progress, namely in Minnesota, Maine, and Illinois – as Michigan continues to be a leader in EV and battery investments: