Decarbonisation of transport sector essential to achieve net-zero greenhouse gas emission target by 2070: Bhupender Yadav
Union Minister for Environment, Forest and Climate Change, Bhupender Yadav has said that decarbonization of the transport sector is essential to achieve a net-zero Greenhouse Gases emission target by 2070. Speaking at the sideline of an event on India-US Payment Security Mechanism for e-buses in India, the Minister said, the adoption of electric vehicles will play a crucial role in achieving the goal of net zero emissions set by Government of India.
The Minister said, India-US Payment Security Mechanism (PSM) for e-buses will play an important role in establishing an e-bus manufacturing and export hub in India. The Minister said this transition to e-buses, however, poses challenges to Public Transport Authorities owing to their high upfront costs and lower realization of revenue from operations.
The India-US PSM agreement was made during the visit of Prime Minister Narendra Modi to USA and mentioned in the India-US Joint Statement with an aim to facilitate the deployment of 10,000 made-in-India electric buses. The move was reaffirmed during India’s G20 Presidency, underscoring the importance of reducing carbon emissions in the transport sector.
Approximately 90 Public Transport Authorities (PTAs) operate around one lakh 50 thousand buses in India. The cumulative losses of PTAs stood at over 1 lakh 22 thousand Crore rupees as of March 2020, primarily attributed to low tariffs and high operational costs.