By 2027, India hopes to have 50,000 electric buses running on its roadways, made possible by US funds given through a cooperative finance scheme.
During a side event at COP28, Indian and US officials announced that the $390 million fund will serve as a guarantee for industries looking to boost output through loans. Barely 12,000 e-buses are operating in India at the moment.
Mahua Acharya, a government official who oversaw the rollout of the nation’s first e-buses, stated that the payment security mechanism, which was established with $240 million from the Indian government and $150 million from the US government and helpful organizations, “is the bedrock of risk management for building out the financial system for electric mobility at scale in India.”
India aims to have 50,000 electric buses operating on its roads by 2027, thanks to funding provided by the US under a cooperative finance system. During a side event at COP28, Indian and US officials announced that the $390 million fund will serve as a guarantee for industries looking to boost output through loans. Barely 12,000 e-buses are operating in India at the moment.
The government’s new fund structure aims to reduce the risks faced by manufacturers when they seek financing for new ventures.
“Things like this are thrilling,” US climate envoy John Kerry remarked. “That is precisely what we need to do across every component of the challenge—speed, scale, and impact.”
