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Biden Invokes Cold War Powers to Boost EV Battery Production
Posted
March 31, 2022
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2:35Now PlayingThe Biden administration announced it will invoke Cold War powers to boost domestic production of materials for batteries needed to power electric vehicles and the transition to renewable energy, a move intended to improve U.S. competitiveness in a market dominated by China.
The decision adds lithium, nickel, cobalt, graphite, and manganese to a list of items covered by the 1950 Defense Production Act. It’s the same authority used by former presidents Donald Trump to spur mask production during the pandemic and Harry Truman to make steel for the Korean War.
This could help mining companies access $750 million under the Defense Production Act’s Title III fund. A senior administration official said industries supported by large-capacity batteries, including transportation and the power sectors, account for more than half of the U.S. carbon emissions.
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