India has committed to a national net-zero target by 2070 at COP26. The road transport and automobile sectors in India can reach net-zero ahead of 2050 through targeted public-private partnerships. Our Moving India Network aims to do just that.
India is the world’s largest two- and three-wheeler market, second-largest bus market, third-largest freight truck market and the fourth-largest car market. The number of automobiles sold in India is expected to double by 2030, presenting an opportunity for significant carbon mitigation. According to Mission 2070: A Green New Deal for a Net-Zero India, the country's transition to net-zero could create over 50 million jobs and contribute around $15 trillion by 2070 in economic impact.
As per the International Energy Agency, the transport sector is already the fastest growing energy end-use sector in India – making India’s transition to sustainable transport globally critical. Electrification of passenger and goods mobility can help India reduce its oil import dependence, reduce emissions and provide cleaner air for its citizens.
Furthermore, India’s ongoing focus on early electrification of its two- and three-wheeler and bus fleets, supported by the massive scale available domestically, positions the country well to serve as a global “lighthouse” for other emerging markets.
In 2019, the World Economic Forum carried out a Value Chain Analysis of State EV Policies in partnership with Ola Mobility Institute. In 2021, a workshop on steps to accelerate the adoption of electric 2/3 wheelers was organized as a part of the RouteZero partnership. Over the past year we developed zero emission mobility transition finance, urban mobility transition governance packages, and clean freight roadmaps that are ready to be evaluated and tailored for India.
India aims to become a global leader in electric vehicle (EV) adoption and manufacturing. By initiating the Moving India Network, the World Economic Forum incubates a public-private platform for advancing this ambition.
The Moving India Network of government, business leaders and third sector actors will work together to accelerate the transition to shared, connected and electric mobility solutions in India through three core work areas:
1) Strengthening electric vehicle supply policies – To meet India’s growing demand for electric vehicles, a taskforce will support policy action to help establish a resilient, sustainable manufacturing and operational capacity. Moving India will work with 2-3 key Indian states and leverage the national battery and automotive Production Linked Incentives (PLI) schemes to provide a framework for states to attract investments for scale up of India’s EV supply ecosystem. See more details here.
2) Igniting India’s transition to zero emission road freight – Medium- and heavy-duty trucks account for approx. 30% of India’s transport emissions. To support early freight electrification efforts in India, a taskforce comprising global and Indian experts and leading businesses will initiate a conversation on road freight electrification in near-viable use cases and announce pilots to showcase corporate adoption potential. See more details here.
3) Financing the transition to electric 2/3Ws – Over 200 million 2W/3Ws are expected to be sold in India in this decade. Financing is critical to achieve EV sales at any significant penetration. We will bring together a taskforce to identify scalable market models and opportunities to achieve the required exponential growth in customer and fleet financing of electric 2/3Ws in India and publish an executive brief to capture how India can finance its 2/3W transition to electric. See more details here.