TechFlow news, May 13 — According to Reuters citing sources familiar with the matter, Tesla is attempting to enter the multi-billion-dollar U.S. renewable energy credit market, hoping to profit from the Biden administration's pathway toward achieving net-zero emissions. On April 22, President Biden announced at the U.S.-hosted Leaders Climate Summit that the United States would reduce its carbon emissions by 50%–52% by 2030 compared to 2005 levels. He further pledged that the U.S. would achieve net-zero emissions by 2050. Clearly, Tesla is not the only company eyeing this multi-billion-dollar opportunity. In fact, sources said at least eight companies are submitting applications to the U.S. Environmental Protection Agency (EPA) regarding power generation and renewable energy credits, with Tesla among them. In late April, Tesla reported a first-quarter net profit of $438 million, but behind this impressive figure lay $518 million earned from selling carbon emission credits and $101 million from Bitcoin sales.
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