Electric Vehicle Policy Impact Study
EBP performed an economic impact and societal benefits study on the adoption of California’s Advanced Clean Cars II regulation in Connecticut.
The study provides an analysis of future impacts and benefits to the state’s economy, as well as broader societal benefits, that will accrue from implementation of the 100% electric vehicle sales policy. The regulation requires that an increasing percentage of light-duty vehicles sold in the state be zero-emission vehicles, with a goal that by 2035 all new passenger cars, trucks and SUVs sold in the state will be zero emissions.
The team interviewed 11 electric vehicle stakeholders in the state to provide context and guidance on the study, and then modeled the economic impacts and societal benefits, including economic development opportunities for the state in EV-related industries. The results of the study included significant positive impacts and benefits through 2050, specifically, $41.1 billion in added net business sales, $25.4 billion in GDP growth, $4.4 billion of criteria pollutant emission reduction value, and $27.1 billion in the value of carbon emission reductions. The study also included a section on medium and heavy-duty vehicles, and the anticipated benefits to the state of adopting California’s Advanced Clean Trucks (ACT) rule.