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An electric car plugged in and charging. Photo: Smith Collection/Gado/Getty Images

British officials on Monday published their long-term plan for transitioning away from traditional gasoline and diesel vehicles — a move aimed at cutting traditional pollutants and greenhouse gases.

Why it matters: While battery costs are falling and automakers are offering more electrics, policy will nonetheless play a major role in determining the speed of electric and plug-in hybrid penetration worldwide.

Highlights: The plan calls for — but does not require — new sales of cars and vans to be "effectively zero emission by 2040," with an interim target of at least 50% of new car sales to be "ultra low emissions" by 2030.

  • It also includes a new $530 million Charging Infrastructure Investment Fund to "accelerate the roll-out of charging infrastructure by providing funding to new and existing companies that produce and install charge points."

The intrigue: Via The Financial Times, "The release of the new policy has been delayed for months by intense lobbying, and the document reveals that the government is sticking to the 2040 target for ending the sale of conventional petrol vehicles, despite pleas from British mayors to bring the target forward to 2030."

Yes, but: Environmentalists and others pointed out that the plan has plenty of caveats and leaves plenty of room for gas-electric hybrids (h/t to Carbon Brief's Simon Evans for highlighting some of the reaction).

  • The plan notes that regulators "expect" that in 2040 the "majority" of new cars and vans sold to be zero-emissions and that all of them will have "significant zero emission capability."

Go deeper

Scoop: Former OMB director to set up Pro-Trump think tanks

OMB Director Russ Vought parfticipates in a photo-op for the printing of President Donald Trumps budget for Fiscal Year 2020 at the Government Publishing Office in Washington on Thursday, March 7, 2019. (Photo By Bill Clark/CQ Roll Call)

Russ Vought, who led Donald Trump's Office of Management and Budget, plans to announce two pro-Trump organizations Tuesday, aiming to provide the ideological ammunition to sustain Trump's political movement after his departure from the White House.

Why it matters: The Center for American Restoration and an advocacy arm, America Restoration Action, will try to keep cultural issues that animated Trump’s presidency on the public agenda, according to people familiar with the matter.

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.