Mumbai: According to a new analysis report on Friday, the mobility sector in the growing countries of South and Southeast Asia could absorb up to $1.3 trillion in green capital by 2030. Notably, India is at the forefront of this transformation, leading the way with its innovative approaches and initiatives.
When considering the total ownership costs in India, it’s clear that electric scooters and three-wheelers are a financially savvy choice. They are currently $40 to $112 cheaper per year than their fuel-powered counterparts, providing a significant long-term saving.
According to a comprehensive survey compiled by LeapFrog Investments, Temasek, Mahindra Last Mile Mobility Limited, and Battery Smart, it was found that 70 percent of them were first-time consumers with low incomes.
The report said mobility emissions represent 10 percent of total GHG emissions across Asia, but 25 percent of Europe’s emissions and 30 percent of the US’s. Rapid electrification is critical to avoid emissions spikes as incomes in emerging Asia rise.
“The electric mobility revolution across high growth markets is gathering pace. We have identified a $1.3 trillion opportunity for the private markets and impact investment community to transform our global transportation future,” said Souleymane Ba, Partner and Co-Head of Climate Investment Strategy at LeapFrog Investments.
An increasingly efficient network of battery swapping stations, supported by interoperable battery systems across vehicle manufacturers, has dramatically improved EV refuelling infrastructure.
Supreme Court’s YouTube Channel Hacked, Cryptocurrency Broadcast Appears Instead
Improved charging/refuelling infrastructure makes EV ownership attractive to commercial users. In India, EVs now account for an estimated 20 per cent of three-wheeler last-mile transportation (passenger and cargo) fleets.
Dr Steve Howard, Vice Chairman, Sustainability, Temasek, said that the technological improvements and business innovation they are seeing in emerging Asia’s EV sector, coupled with enabling policies and substantial investments, “hold tremendous promise for transformative impact at pace and scale”.
Suman Mishra, MD and CEO of Mahindra Last Mile Mobility, said they remain committed to supporting India’s journey towards reduced carbon emissions. This journey, if successful, could significantly reduce the carbon footprint of the transportation sector in India and serve as a model for other emerging markets.
India is already the world’s largest market for electric three-wheelers and is uniquely positioned to achieve full electrification of the category.
For more updates Subscribe to Media Eye News
–IANS
