ICCT: EVs could save India up to $125B/yr by 2050
Switching to electric vehicles (EVs) faster could help India save up to $125 billion every year by 2050, mostly by cutting down on expensive oil imports, says a new ICCT study.
Amit Bhatt, ICCT's India managing director, points out that going electric isn't just about the environment: it also makes India less vulnerable to global oil price swings and boosts energy security.
India's import costs could fall 61%
The study breaks down different EV adoption scenarios and finds that quick action could slash import costs by 61%, dropping from $153 billion to $59 billion a year.
If more batteries are made in India, those savings jump even higher, to 82%.
As researcher and co-author Namita Singh puts it, "Every electric vehicle India puts on the road reduces its dependence on imported oil, whether the batteries are manufactured domestically or imported."