In a remarkable display of virtue-signaling, Mayor Eric Adams and the Taxi and Limousine Commission have announced plans to require Uber and Lyft to completely transition their fleets to zero-emission or wheelchair-accessible vehicles by 2030. While this may seem like an admirable goal, the practicality and feasibility of such a mandate remain questionable.
Under this new rule, ride-share drivers are expected to bear no financial burden. However, the reality is that these drivers often have to purchase their own cars, often going into debt to acquire a luxury SUV or another appealing vehicle for passengers. Electric vehicles (EVs) currently cost an average of $20,000 more than their gas-fueled counterparts, while accessible cabs cost at least $10,000 more than standard ones. This regulation will likely force some drivers to switch to expensive alternatives, even though their existing vehicles still hold considerable value.
The ride-sharing companies have agreed to these measures prior to the release of new rules by the Taxi and Limousine Commission regarding the conversion of cabs and for-hire fleets to electric vehicles. However, there are concerns that many drivers will simply choose to leave the ride-share industry altogether. For Uber, this will result in increased fares due to supply and demand dynamics, while Lyft users may face prolonged wait times for rides. Moreover, the current number of charging stations in the city is insufficient to support this transition, and charging an EV takes significantly longer than refueling with gasoline.
Mayor Adams declared, “That’s zero emissions for over 100,000 vehicles on our city streets. And it will be achieved with no new costs for individual drivers.” Unfortunately, the push towards EVs remains an environmental con, at least for the foreseeable future. As Mark Mills from the Manhattan Institute highlights, transitioning the world from the current 26 million EVs to 500 million would only reduce global oil consumption by roughly 10%. This statistic fails to take into account the larger carbon footprint associated with the manufacturing of EVs and the fact that the majority of American electricity comes from carbon fuels. Once again, the grand narrative of combating climate change falls short of delivering on its promises.
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