10,000 made-in-India electric buses will be deployed in the country.
India and the United States have joined forces to launch as many as 10,000 electric buses on the streets of India, bringing about a significant transformation in India's public transportation system.
This collaboration, which was started during Prime Minister Narendra Modi's official visit to the White House earlier this year, aims to deploy 10,000 electric buses manufactured in India across various cities in the country.
The joint effort represents a crucial step towards addressing the climate crisis, with both nations demonstrating their commitment to sustainable and eco-friendly solutions.
"We know that electric buses can change the world. They are quieter and cleaner. They help us reduce our carbon footprint and give us a future where our planet will be livable. It is one of the reasons the US government is working together with our friends in the government of India to get more electric buses on the streets of Indian cities quicker. We have launched an initiative to help 10,000 electric buses be on Indian streets," said US Ambassador to India Eric Garcetti while talking to ANI.
Today, the United States and India launched a mechanism that will facilitate the deployment of 10,000 made-in-India electric buses in cities across the country, bringing into reality a joint vision first announced during Prime Minister Modi's official state visit to the White House. The United States is proud to partner with India as it shows the change that can be achieved through focused and cooperative action, according to a US Embassy press release.
Mr Garcetti added, "Every day we see the impact of the climate crisis at a global level. We must respond now or jeopardise the future of our planet and our people. The partnership announced today will mobilise financing for a fleet of 10,000 electric buses throughout India, expanding options for electric public transportation in India and creating cleaner cities and healthier communities."
The recent G20 Leaders' Summit underscored that the United States and India are partnering to tackle the climate crisis through sustainable investments, including decarbonisation of the public transportation sector, the release said.
This new initiative between the governments of India and the United States shows how public and private partners can work together to lower emissions and promote electric mobility. Through this new partnership, the US government, including the US Agency for International Development (USAID) and the office of the US Special Presidential Envoy for Climate, will partner with public and private-sector entities to accelerate electric bus financing. Partners, including India's Ministry of Heavy Industries and Convergence Energy Services Limited, will collaborate with private philanthropies such as the Global Energy Alliance for People and Planet and the Sequoia Foundation, according to the release.
A key component of this project will be a new payment security mechanism (PSM) that will accelerate new and more sustainable investments by lowering financial risks. By mitigating risk for lenders, the PSM leads to improved loan terms and reduced financing costs, facilitating smoother project implementation. Ultimately, this partnership sets a new model for international cooperation in the field of electric mobility, the release said.