This past week, the California Air Resources Board took a step toward mandating that all new automobiles sold in the state must be electrically powered by the year 2035.
After the year 2035, residents of California will still be able to drive and purchase gas-powered automobiles, but the state will no longer allow the production of new gas-powered vehicles after that year.
According to FOX News, the decision was made around two years after the Governor of the state, Gavin Newsom, issued the initial directive to regulators to explore the policy.
If all goes according to plan, California will reduce the amount of pollution caused by vehicles by 50 percent by the year 2040.
Elon Musk, CEO of Tesla, an electric car manufacturer, stated a year ago that the output of power has to quadruple in order to make the shift to electric automobiles.
However, according to The Observer, the cost of creating an infrastructure to power all electric vehicles in the country would cost between $135 billion and $358 billion. This estimate was based on a range of costs.
In addition, the batteries of today's electric vehicles, which store and utilize energy generated elsewhere, are made from lithium, which is a mineral that is found in plenty.
According to Statista, the majority of the world's lithium is produced in other nations, such as Australia, Chile, and China; however, the majority of lithium batteries are produced in China.
This story is strikingly similar to one that we covered just a few days ago.
We reported on Tuesday that an Australian financial institution known as "Bank Australia" will stop providing loans for vehicles that run on fossil fuels in the year 2025.
"until there is a viable and thriving market for electric vehicles," Bank Australia will continue to offer loans for used fossil-fuel vehicles because it is mindful of the need to assist customers who are not currently able to purchase electric vehicles until the market develops.