India’s plan for 50,000 electric buses on its roads gets support from US
The $390 million fund will act as a guarantee for manufacturers seeking loans to expand production, Indian and US officials said at a side event at COP28. India currently only has 12,000 e-buses in operation.
The payment security mechanism, established with $150 million from the US government and philanthropic groups, and $240 million from the Indian government, “is the bedrock of risk management for building out the financial system for electric mobility at scale in India,” said Mahua Acharya, a government official who spearheaded the deployment of the first e-buses in the country.
