Welcome to WealthWisdom, the economy and investment knowledge blog! Enjoy reading and do sign up as members, before logging off!
Friday, May 12, 2017
Use of electric vehicles could save $60 billion by 2030: Niti Aayog
India could save as much as $60 billion in energy costs by 2030 and one gigatonne of carbon emissions between 2017 and 2030 by adopting more electric and shared vehicles, according to a report released on Friday by the country's leading think-tank.
The report on transformative mobility solutions by Niti Aayog, India's policy commission chaired by Prime Minister Narendra Modi, provides a 15-year roadmap for electrification of vehicles in the country and is likely to form the basis for a new green car policy, sources had told Reuters.
The 134-page report suggests three major transitions - a shift from private vehicle ownership to shared usership, from petrol and diesel to electric vehicles and from cities designed for cars to cities designed for humans.
"Such a transformation could position India as the global leader in clean, shared, and connected passenger mobility, while establishing a model of low-carbon solutions for other developing nations to follow," the report, co-authored by U.S.-based consultant Rocky Mountain Institute, said.
The main recommendations include limiting the registration of petrol and diesel cars through public lotteries, providing fiscal and monetary incentives and subsidies to push sales of electric vehicles and using tax revenues from the sale of petrol and diesel cars to set up electric charging stations.
It suggests lowering interest rates and electricity tariffs for electric taxis, establishing a consortium for manufacturing standardised batteries and common components to bring down their cost and setting up battery-swapping facilities.
The report suggests forming a regulatory body to create, update and simplify the regulatory framework for electric vehicles and piloting the recommendations in a few areas called lighthouse regions before deploying them across India.