US and India join hands to boost e-mobility sector with $150 million fund

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The US Agency for International Development (USAID) and India’s Ministry of New and Renewable Energy (MNRE) have announced a new partnership to support the development and deployment of electric vehicles (EVs) in India. The partnership aims to reduce greenhouse gas emissions, improve air quality, and enhance energy security in India.

The partnership will provide a $150 million fund to help Indian companies and entrepreneurs access financing and technical assistance for developing and scaling up innovative solutions in the e-mobility sector. The fund will also support policy and regulatory reforms, capacity building, and public awareness campaigns to promote the adoption of EVs in India.

The partnership will focus on three key areas: electrification of public and private transportation, charging infrastructure development, and battery recycling and disposal. The partnership will leverage the US and Indian expertise and innovation to advance clean energy solutions and create new economic opportunities.

The partnership was announced at the India-US Clean Energy Agenda 2030 Partnership Ministerial, which was held virtually on November 17, 2021. The partnership is part of the US-India Climate and Clean Energy Agenda 2030, which was launched by the leaders of both countries in April 2021.

The USAID Mission Director in India, Veena Reddy, said that the partnership will help India achieve its target of 30% electric vehicle penetration by 2030. She said that the partnership will demonstrate the benefits of e-mobility for the environment, the economy, and the people.

The US Special Presidential Envoy for Climate, John Kerry, said that the partnership will show the world that the US and India are committed to tackling the climate crisis together. He said that the partnership will also strengthen the bilateral relationship between the two countries.

The MNRE Secretary, Indu Shekhar Chaturvedi, said that the partnership will enable India to tap into the huge potential of the e-mobility sector. He said that the partnership will also support India’s vision of becoming a global leader in renewable energy.

According to some statistics, the e-mobility sector in India has a market size of $206 billion and can create 10 million direct and indirect jobs by 2030. The sector can also reduce India’s oil import bill by $40 billion and cut carbon emissions by 450 million tonnes by 2030.

The partnership is expected to boost the growth and innovation of the e-mobility sector in India and contribute to the global efforts to combat climate change. The partnership is also expected to enhance the strategic and economic ties between the US and India.



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