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CSI launches India operations to decarbonize India's auto sector by 2070
Industry News- Aug 14,24
The report highlights that OEMs will need to invest approximately $ 323 billion to develop electric vehicles (EVs) alongside existing technologies.
The Climate and Sustainability Initiative (CSI) has launched its operations in India with a new report detailing a strategic roadmap for decarbonizing the country's automobile sector by 2070. Titled "India's Auto Industry: Mapping the Course to Net Zero by 2070," the report outlines the investments, financial mechanisms, and potential benefits necessary for achieving net-zero emissions in the automotive industry.
The report highlights that Original Equipment Manufacturers (OEMs) will need to invest approximately $ 323 billion to develop electric vehicles (EVs) alongside existing technologies. This investment is projected to generate around $14.1 trillion in revenue for OEMs by 2070. Overall, the transition could create a market exceeding $19.7 trillion, with cars representing 63% of this market and contributing nearly $15.5 trillion. Additionally, the shift to a net-zero auto industry could result in $4.1 trillion in Goods and Services Tax (GST) revenue from 2020 to 2070.
Challenges identified in the report include the necessity for vehicle loans totaling $9.6 trillion by 2070 and an investment of $ 196 billion to establish complete domestic battery production.
Vaibhav Pratap Singh, Executive Director, CSI, emphasised that transitioning to a net-zero auto industry represents both an environmental necessity and a significant economic opportunity. He stated that with appropriate investments and supportive policies, India can lead the global move towards sustainable mobility.
Tamil Nadu’s Transport Minister, Shri Thiru S. S. Sivasankar, highlighted the state’s proactive measures in promoting clean energy technologies and its ambitions to become India’s leading EV manufacturing hub and renewable energy producer.
The report calls for innovative financing solutions and ongoing policy support, including favorable tax regimes and incentives for domestic battery production, to facilitate the industry's transition to net-zero emissions. It aims to be a crucial resource for policymakers, industry stakeholders, and financial institutions.
(Auto Car Pro)
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