Crowdfunding for Equitable EV Charging Infrastructure
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arXiv
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| Hauptverfasser: | , , |
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| Format: | Preprint |
| Veröffentlicht: |
2024
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| _version_ | 1866913398490398720 |
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| author | Erfani, Abdolmajid Cui, Qingbin DeCorla-Souza, Patrick |
| author_facet | Erfani, Abdolmajid Cui, Qingbin DeCorla-Souza, Patrick |
| contents | The transportation sector significantly contributes to greenhouse gas emissions, highlighting the need to transition to Electric Vehicles (EVs) to reduce fossil fuel dependence and combat climate change. The US government has set ambitious targets for 2030, aiming for half of all new vehicles sold to be zero-emissions. Expanding EV charging stations is crucial for this transition, but social equity presents a significant challenge. The Justice40 program mandates that at least 40% of benefits be allocated to disadvantaged communities, ensuring they benefit from federal investments. Given the current concentration of EV ownership in affluent areas, merely installing charging stations in disadvantaged neighborhoods may not suffice. This article explores crowdfunding as a novel method to finance EV charging infrastructure, engaging, and empowering underserved communities. The paper concludes with a hypothetical case showing financing benefits for disadvantaged communities, exploring crowdfunding variations, and scaling to develop equitable EV charging networks. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2406_14295 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Crowdfunding for Equitable EV Charging Infrastructure Erfani, Abdolmajid Cui, Qingbin DeCorla-Souza, Patrick Computational Engineering, Finance, and Science The transportation sector significantly contributes to greenhouse gas emissions, highlighting the need to transition to Electric Vehicles (EVs) to reduce fossil fuel dependence and combat climate change. The US government has set ambitious targets for 2030, aiming for half of all new vehicles sold to be zero-emissions. Expanding EV charging stations is crucial for this transition, but social equity presents a significant challenge. The Justice40 program mandates that at least 40% of benefits be allocated to disadvantaged communities, ensuring they benefit from federal investments. Given the current concentration of EV ownership in affluent areas, merely installing charging stations in disadvantaged neighborhoods may not suffice. This article explores crowdfunding as a novel method to finance EV charging infrastructure, engaging, and empowering underserved communities. The paper concludes with a hypothetical case showing financing benefits for disadvantaged communities, exploring crowdfunding variations, and scaling to develop equitable EV charging networks. |
| title | Crowdfunding for Equitable EV Charging Infrastructure |
| topic | Computational Engineering, Finance, and Science |
| url | https://arxiv.org/abs/2406.14295 |