Experts at the Indian Clean Transportation Summit emphasized financial support and business models for heavy-duty EV adoption amid pollution concerns.
Addressing participants at the Indian Clean Transportation Summit on Wednesday, the policy makers, business tycoons, civil society and global academicians underscored the need for substantive financial support and sustainable business models to spur uptake and local production of EVs, especially the HD variant. This event was a collaborative effort of the International Council on Clean Transportation (ICCT) which helped in addressing the measures required for shifting towards a cleaner transportation system in India.
Heavy-Duty EV: Leading Pollution Company
However, HDVs make up only 3% of the on-road vehicles in India but contribute 44% of India’s carbon footprint. As the pollution levels from this sector are anticipated to rise four times by 2050, authorities and promoting legal entities regarding air quality improvement aim at electrifying the freight sector.
Summit Focus: Transition Pathways and Financial Challenges
Organized by ICCT, they held their annual two-day summit with several sessions detailing transition options for electric vehicles and low-emission zones for cities. These discussions are quite important as the country plans towards achieving its sustainable transport system and lowering carbon emissions.
The summit also revealed the fact that big banks are reluctant to fund electric trucks for their industry. According to Hanif Qureshi, Additional Secretary, Union Ministry of Heavy Industries, there are no signs of big banks directly financing electric truck markets as of now and that NBFCs step into the game at heftier interest rates. Indeed, this financial barrier stands as one of the main reasons that Currently, electric vehicles ’ utilization is still restricted in the heavy-duty EV segment.
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