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Context: NITI Aayog and World Resources Institute (WRI), India, with the support of GIZ India, conducted a virtual consultation workshop on ‘Financing for Decarbonization of Transport’ as part of the NDC-Transport Initiative for Asia (NDC-TIA) project.
Workshop theme: to identify actionable strategies and bring together financing institutions and transport organizations to collectively work towards furthering innovative financing policies for the decarbonization of transport.
Participants: dignitaries from various ministries, NDC-TIA project partners, representatives of Indian banks, international financial institutions and private sector companies, and stakeholders and experts from the transport and financing sectors.
Why to focus on transport sector?
- Transport, the third-most greenhouse-gas-emitting sector in India, accounts for 14% of our energy-related CO2 emissions.
- It is the most rapidly growing sector in the country.
Why financial instruments for green transport are required?
- to provide a further impetus to clean mobility in India, as lack of availability of financing is one of the biggest impediments towards the decarbonization of the transport sector.
- to bring states, domestic and international financial institutions, manufacturers and operators on the same page.
- to foster shared mobility by leveraging private sector investments and unlocking financing for e-buses
- to balance the needs and aspirations of our citizens.
- to accelerate transition to 100% zero-emission motor vehicles, which is an essential takeaway from the COP26 declaration.
- improve liveability and productivity by improving connectivity
- bring down the cost of logistics and accelerate clean mobility which is climate-centric and sustainable.
- To enable low interest cost financing of electric vehicles.
About NDC-TIA initiative:
- It is a joint programme of seven organizations that engages India, China and Vietnam over the period 2020-24 in promoting a comprehensive approach to decarbonizing transport in their respective countries.
- The project is part of the International Climate Initiative (IKI).
- The Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) supports the initiative on the basis of a decision adopted by the German Bundestag.
- NITI Aayog is the implementing partner for the India component of the project.
- It brings together a wide spectrum of participants to facilitate peer-to-peer learning and information exchange on various themes, including “Financing the Decarbonization of Transport”.’
- Goal: to enable the countries’ transport sectors to contribute to achieving their Nationally Determined Contributions (NDCs) and increase ambition in transport sections of long-term strategies and 2025 NDCs.
https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1800286
