Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Investing

Indian businesses seek government support to meet 2030 EV target

2021 10 14T081324Z 1 LYNXMPEH9D0E8 RTROPTP 4 INDIA AUTOS ELECTRIC - Global Banking | Finance

By Aditi Shah

NEW DELHI (Reuters) – Businesses in India are seeking government support to meet a target for at least 65% of all new vehicle sales to be electric by 2030, according to a CEO-led organisation of major companies worldwide which is leading the push.

More than 25 companies, including automakers Mahindra & Mahindra and Volvo, oil giant Shell, and clean mobility startups, want India to set firm targets and frame policies to support the transition to electric vehicles (EVs), the World Business Council for Sustainable Development (WBCSD) said on Thursday.

This is the first collective push by companies in India to switch to clean mobility and comes weeks ahead of an United Nations’ climate change conference – seen as crucial to wringing out more commitments from governments to stop global warming.

India is the world’s third-biggest greenhouse gas emitter after China and the United States and so vital in the fight against climate change.

“After rapid growth in India’s renewable energy sector, transport decarbonisation is India’s next big opportunity to address climate change,” said Joe Phelan, director at the WBCSD in India.

Meeting the 2030 target could provide an investment opportunity of about $200 billion, the WBCSD said in a statement, adding it would also cut India’s road transport emissions by 15%.

The South Asian nation has some of the world’s most polluted cities and the government has been pushing automakers to switch to EVs to clean the air and reduce costly oil imports. But companies have been slow to adapt, saying the price of EVs is still high due to steep battery costs and inadequate charging infrastructure hurts sales.

In recent months, India has firmed up schemes to incentivise companies to build EVs https://reut.rs/3aywPPi and batteries locally to boost supply and complement a slew of federal and state benefits for EV buyers.

The WBCSD said that by 2030 companies want 30% of new cars, 70% of new motorbikes and scooters and 35% of new buses sold to be electric.

To achieve this, they want the government to legalise e-bike taxi services, give fleet permits for electric three-wheelers, ensure easy access to finance and leasing opportunities for electric cars and speed up installation of public chargers.

Indian bus maker JBM Group, motorcycle manufacturer Hero Electric, goods vehicle maker Switch Mobility, energy company Fortum, IKEA and LeasePlan are also backing the push.

(Reporting by Aditi Shah; Editing by Mark Potter)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post