At the Global Forum’s Climate and Business (ClimB) session in London it was highlighted that India explores inductive charging for EVs to cut battery
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India’s clean energy transition is gaining momentum, but a leading manufacturer is urging the country to move beyond simply copying existing models. At the India Global Forum’s Climate and Business (ClimB) session in London, Amit Kalyani, Vice-Chair and Joint Managing Director of Bharat Forge, emphasized the need for a more innovative approach to electric vehicles (EVs) in India’s climate action strategy, according to a report by PTI.
Kalyani highlighted the high cost of batteries as a major barrier to wider EV adoption in India. He proposed inductive electric charging as a potential game-changer, particularly considering India’s ongoing highway infrastructure development. This technology would eliminate the need for large, expensive batteries in electric vehicles, significantly reducing the overall cost.
“We can incorporate inductive electric charging in highways,” Kalyani explained. “This will dramatically reduce the amount of battery we use to one-tenth or one-fifth of what you would otherwise need.” This approach would have several benefits.
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Firstly, it would lessen the reliance on large battery packs, lowering the cost of EVs and making them more accessible to a wider range of consumers. Secondly, it would reduce the environmental impact associated with battery production, including the mining of harmful chemicals often sourced from Africa and controlled by Chinese companies.
Additionally, the role of green hydrogen as a clean energy alternative also came under discussion. Rahul Munjal, chairman and managing director of Hero Future Energies, emphasised the importance of electrifying everything possible due to advancements in renewable energy sources for grid decarbonization. He acknowledged the potential of green hydrogen, particularly for smaller projects, but cautioned that large-scale implementation is still under development.
Financing the green transition: Challenges and opportunities
The ClimB session also addressed the significant financial needs associated with India’s green transition. Julia Hoggett, CEO of the London Stock Exchange (LSE), emphasised the need for increased green financing. She noted that India currently allocates only 2.5 per cent of its GDP to green financing by 2030. However, this figure will need to rise significantly in the coming years to achieve net-zero emissions by 2050.
The discussion highlighted the need for innovative financial mechanisms to enable companies, particularly those in developing economies, to invest in green projects. Kate Hampton, CEO of Children’s Investment Fund Foundation (CIFF), underscored the importance of creating a “global financial architecture” that addresses affordability concerns in the energy transition.
The ClimB session was followed by the IGF London’s first Global Investors Forum, held at the London Stock Exchange (LSE). This event underscored the LSE’s role in facilitating capital flows into India, the world’s fastest-growing major economy.
Darko Hajdukovic, Head of New and Private Markets and Deputy Head of Digital and Securities Markets at LSE plc, highlighted the long-standing relationship between the LSE and Indian companies. Over the past 30 years, approximately 100 Indian companies and funds have utilised the LSE’s markets to finance their growth plans.
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IGF Founder Manoj Ladwa emphasised the potential of the LSE to contribute to India’s ambitious development trajectory. He believes London’s financial expertise and robust capital markets can create pathways for substantial investments in infrastructure, innovation, and sustainable development in India.
Bharat Forge’s proposal for inductive charging presents a compelling alternative to the conventional battery-based EV model, potentially lowering costs and environmental impact. Additionally, the discussions on green financing and the role of the LSE highlight the importance of international collaboration and financial innovation in supporting India’s ambitious climate goals. As India moves forward with its green transition, exploring innovative solutions and securing the necessary investments will be crucial for achieving a sustainable future.
First Published Date: 30 Jun 2024, 14:00 PM IST