The US and India announced intentions to establish a payment security mechanism to support the deployment of 10,000 Made-in-India electric buses in Ind. This agreement, which began during Prime Minister Narendra Modi‘s official visit to the White House earlier this year, intends to deploy 10,000 Indian-made electric buses around the country.
The collaborative initiative is an important step toward addressing the climate catastrophe, with both countries displaying their commitment to sustainable and environmentally friendly solutions. The goal is to encourage sustainable public transportation while also lowering emissions and creating cleaner and healthier urban settings.
According to the ANI report the US Ambassador to Ind Eric Garcetti said, “We know that electric buses can change the world. They are quieter and cleaner. They help us reduce our carbon and give us a future where our planet will be livable. It is one of the reasons, the US Govt is working together with our friends in the Govt of Ind to get more electric buses on the streets of Ind cities quicker. We have launched an initiative to help 10,000 electric buses be on Indian streets…,”
The program is consistent with the priorities established at the recent G20 Leaders’ Summit, at which both the United States and India pledged to address the climate catastrophe through sustainable investments, including decarbonizing public transit.
Eric 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, creating cleaner cities and healthier communities,” as per the report.
The U.S. and India join forces for green mobility initiative
This new project by the governments of Ind and the United States demonstrates how public and private stakeholders can collaborate to reduce emissions and promote electric mobility. The US government (including USAID and the US Special Presidential Envoy for Climate), India’s Ministry of Heavy Industries, Convergence Energy Services Limited, and private philanthropic organizations such as the Global Energy Alliance for People and Planet and the Sequoia Foundation will all be involved in the initiative, according to the release.
Driving electric mobility with secure payments
As per the ANI report, 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. The PSM reduces risk for lenders, resulting in better loan conditions and lower financing costs, permitting smoother project implementation. According to the press release, “This partnership establishes a new model for international cooperation in the field of electric mobility.”
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