Transportation is India’s third-highest greenhouse gas (GHG)-emitting sector, contributing about 13 per cent of India’s total CO2 emissions and is forecasted to increase due to the high population growth rate and increasing levels of industrialisation and urbanisation, signifying the need for radical change. In line with India’s climate ambitions, there is significant potential to decarbonise the transport sector through electrification.

This project will provide tailored financing solutions to electric vehicle (EV) owners and operators including in ancillary areas, such as charging infrastructure, that will rapidly bring the long-term cost of EV ownership to a level comparable to conventional vehicles. The project will also mobilise significant amounts of private sector institutional capital to support India’s e-mobility transition. This investment is GCF’s first purely private sector transport programme in the e-mobility sector.