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1、 POLICY BRIEF Accelerating Electric Mobility in Public Transport How Asia and the Pacific Could Unlock Financing for Electric Buses TRANSPORT Disclaimer:The designations employed and the presentation of the material in this policy brief do not imply the expression of any opinion whatsoever on the pa

2、rt of the Secretariat of the United Nations concerning the legal status of any country,territory,city or area,or of its authorities,or concerning the delimitation of its frontiers or boundaries.Where the designation“country or area”appears,it covers countries,territories,cities or areas.Bibliographi

3、cal and other references have,wherever possible,been verified.The United Nations bears no responsibility for the availability or functioning of URLs.The opinions,figures and estimates set forth in this publication should not necessarily be considered as reflecting the views or carrying the endorseme

4、nt of the United Nations.The mention of firm names and commercial products does not imply the endorsement of the United Nations.For further information on this policy brief,please address your enquiries to:Weimin Ren Director,Transport Division Economic and Social Commission for Asia and the Pacific

5、(ESCAP)Email:escap-tdun.org AcknowledgementsAcknowledgements This policy brief was prepared by Zhao Jing under the guidance of Madan Bandhu Regmi at ESCAPs Transport Division.Wei-Shiuen Ng,Ariadne Abel and Katrin Luger provided input and commentary.Jack Crawford provided valuable research and editor

6、ial support.TableTable ofof ContentsContents Summary.II Abbreviations.III I.Introduction.1 II.Investment Associated with Implementing Electric Buses.3 2.1 Procurement of Electric Buses.3 2.2 Investment in Charging Infrastructure.4 2.3 Operation and Maintenance Costs.4 2.4 Total Cost of Ownership.5 I

7、II.Financing Electric Buses in Asia and the Pacific.7 3.1 Financial Measures and Instruments.7 3.2 Policy and Planning Strategies.15 3.3 Capacity Building Initiatives.18 IV.Way Forward:Policy Responses and Recommendations.20 4.1 Strengthen Environmental Commitments and Transport Policies.20 4.2 Fost

8、er Sectoral and Regional Collaboration.20 4.3 Engage With Financers Across the E-Mobility Supply Chain.21 4.4 Adopt Tangible and Consistent Fiscal and Non-Fiscal Incentives.21 4.5 Formalize Flexible Procurement Plans and Optimize Risk Allocation.21 I SummarySummary Asia and the Pacific stands at a c

9、rucial juncture in the electrification of public transport.With the region experiencing rapid growth in passenger transport demand,there is an urgent need to address the unsustainable carbon emission trajectory resulting from this surge.Additionally,the outpaced growth of private transport has strai

10、ned existing infrastructure,leading to congestion,longer travel times,and overwhelming levels of air pollution,calling for a modal shift from private to public modes of transport.Against this backdrop,electric buses emerge as a solution to promote a modal shift to public transport and enhance the se

11、ctors sustainability.However,financing the widespread adoption of electric buses remains a significant challenge.While ambitious electric vehicle policies could substantially reduce transport-related CO2 emissions,a lack of national commitments and policies poses a major barrier to mobilizing sector

12、al ambitions.Despite 80 per cent of countries in the region making carbon neutrality and net-zero pledges,few have quantified emissions reduction targets and policies focused on low-carbon transport.Despite the economic benefits of operating electric buses in the long run,considering the relatively

13、lower operating costs compared to ICE buses,the higher upfront capital cost of electric buses and the technical uncertainty surrounding their use present additional hurdles.This policy brief identifies existing and emerging financial mechanisms to promote the adoption of electric buses,emphasizing t

14、he fundamental role of government subsidies and incentives in promoting their uptake and the necessity of innovative business models and low-cost investment capital in alleviating financial burdens for operators and transferring technology and credit risks to lessors.Examples of successful transform

15、ations from countries in Asia and the Pacific serve as key case studies to demonstrate the various financing methods used in the region.The brief also outlines policy and planning strategies to scale up the adoption of electric buses,such as leveraging demand aggregation,strengthening the roles of n

16、ontraditional third-parties,and employing pricing mechanisms that account for transports externalities.Finally,this policy brief recognizes that a holistic approach combining regulatory frameworks,financial support,and technological advancements is imperative for a cleaner and more sustainable futur

17、e in public transport across the region,and emphasizes new frontiers for cooperation on low-carbon public transport.Initiatives such as the Asia-Pacific Initiative on Electric Mobility launched by ESCAP are highlighted as crucial steps toward fostering regional and cross-sectoral collaboration.II Ab

18、breviationsAbbreviations ADB Asian Development Bank APIEM Asia Pacific Initiative on Electric Mobility BOI Board of Investment BRT Bus Rapid Transit CNG Compressed Natural Gas DFI Development Finance Institution ESCAP United Nations Economic and Social Commission for Asia and the Pacific EV Electric

19、 Vehicle GCF Green Climate Fund GEF Global Environment Facility GHG Greenhouse Gas Emission ICE Internal Combustion Engine IFI International Finance Institution ITF International Transport Forum INR Indian Rupee KM Kilometer kWh Kilowatt Hour NDC Nationally Determined Contribution NEV New Energy Veh

20、icle OEM Original Equipment Manufacturer PSM Payment Security Mechanism PTA Public Transport Authority RMB Chinese Yuan TCO Total Cost of Ownership UNEP United Nations Environment Programme$US United States Dollar ZEV Zero Emission Vehicle How Asia and the Pacific Could Unlock Financing for Electric

21、 Buses 1 I.I.IntroductionIntroduction Demand for passenger transport in Asia and the Pacific is projected to nearly triple by 2050,outpacing other world regions(see Figure 1).1 This demand is closely correlated to the regions increasing urban populations,which will reach 3.4 billion people by 2050,2

22、 and is expected to transform the concentrations and densities of urban transport systems.As assessed by the International Transport Forum(ITF),this will pose a challenge for authorities as it will impact accessibility,connectivity,and CO2 emissions,which would put the region off track to meet globa

23、l commitments,such as the Paris Agreements aim to limit global warming to 1.5C.3 The transition to electric vehicles(EVs)is imperative for improving the sustainability of transport,as transport-related CO2 emissions in Asia rose 41 per cent between 2010 and 2019,which is higher than the global avera

24、ge of 16 per cent,and faster than any other sector in the region.4 There is still room for action,as the ITF states that ambitious policies could reduce global CO2 emissions from passenger transport by 83 per cent in 2050.5 1 ITF(2021),ITF Transport Outlook 2021,OECD Publishing,Paris,p.64 2 UNESCAP,

25、The Future of Asian and Pacific Cities 2023:Crisis Resilient Urban Futures,(2023,p.20)3 ITF(2022),ITF Southeast Asia Transport Outlook,International Transport Forum Policy Papers,No.103,OECD Publishing,Paris,p.12 4 SLOCAT,Transport and Climate Change Global Status Report,2nd ed.(2022,p.49)5 ITF(2023

26、),ITF Transport Outlook 2023,OECD Publishing,Paris,p.64 F Figureigure 1 1:PassPasse enger Transport Demand by Region,2015nger Transport Demand by Region,2015-20502050 010,00020,00030,00040,00050,00060,000AsiaPacificEurope+TurkeyLatin America Middle Eastand NorthAfricaSub-SaharanAfricaUSA+CanadaBilli

27、on Passenger-Kilometers20152050Source:OECD(2023).Note:2030 and 2050 refer to ITFs“current ambition”scenario,which assumes policies to decarbonize transport continue along their current pathway.How Asia and the Pacific Could Unlock Financing for Electric Buses 2 Public transport has a pivotal role in

28、 these ambitious policies as it offers the most significant emission reduction potential,especially on a per-passenger basis,owing to the high mileage,high capacity,and long-life span of the vehicles.By 2040,the ITF states that ambitious transport policies should include increasing public transit se

29、rvice levels by up to 34 per cent and that 100 per cent of new bus sales in the Asia-Pacific region should be zero-emission vehicles(ZEVs).6 The Asia-Pacific region already comprises more than 90 per cent of the global stock of electric buses,driven mainly by China,India,and Japan.7 However,financin

30、g the widespread adoption of electric buses remains a significant challenge because of the high initial capital expenditure,relative to internal combustion engine(ICE)buses,and investment in supporting infrastructure,such as charging stations.In Asia,it has been observed that most state-owned public

31、 transport authorities(PTAs)operate at a loss and rely on subsidies to remain operational.8 Hence,the issue of funding is a leading concern for transitioning to EVs due to the sheer scale of such projects and the short timelines necessary to meet emissions targets.9 Moreover,operational and technolo

32、gical trade-offs can affect the lifecycle cost-competitiveness of electric buses and create uncertainties for operators seeking to implement ZEVs in their fleets.This includes selecting battery capacity and materials,as the battery comprises up to 60 per cent of the initial cost of an electric bus.1

33、0 While higher-capacity batteries can increase driving range,they also increase the upfront cost,consume more space,and take longer to charge.These compromises should be modeled against local conditions,as the lifecycle cost of an electric bus will depend on the distances traveled and the PTAs servi

34、ce level expectations.However,despite the high initial investment required for electric buses,these fleets are generally more economical in the long run,as the operational costs pertaining to energy and maintenance are generally lower than those of ICE alternatives.The necessity of establishing fina

35、ncial and commercial mechanisms to support the transition to electric mobility is well established.11 Non-reimbursable funds,such as purchase and operating subsidies,have a pivotal role alongside less costly finance products and innovative contractual arrangements,which should serve as supplementary

36、 measures to mitigate upfront costs.Private finance is also essential to facilitate the transition from pilot projects and demonstrations to large-scale implementation.This includes long-and medium-term loans from public and private financial institutions.The complexity of these financial arrangemen

37、ts,combined with the scale of investment required,highlights the challenges of funding this transition,particularly across the varied economic contexts of countries in Asia and the Pacific.6 ITF(2023),ITF Transport Outlook 2023,OECD Publishing,Paris,pp.57,63 7 Grandview Research,“Electric Bus Market

38、 Size,Share&Trends Analysis Report By Vehicle Type”,available at https:/ 15th October 2023 8 UNESCAP,Accelerating the Transition of Public Transport Fleets,Monograph Series on Transitioning to Electric Mobility in the Asia-Pacific Region,(2023,p,5)9 UITP,“Large-Scale Bus Electrification:The Impact o

39、n Business Models”,available at https:/www.uitp.org/publications/large-scale-bus-electrification-the-impact-on-business-models/.,accessed 17th October 2023 10 Zemo Partnership,Economics of Bus Drivelines,(2020,p.14),available at https:/www.zemo.org.uk/assets/workingdocuments/BWG-P-05-21%20Bus%20Driv

40、eline%20Economics.pdf 11 Li,Ying,and others,“Business Innovation and Government Regulation for the Promotion of Electric Vehicle Use:Lessons from Shenzhen,China”,in Journal of Cleaner Production,vol.134(2016,pp.371383)How Asia and the Pacific Could Unlock Financing for Electric Buses 3 II.INVESTMENT

41、 ASSOCIATED WITH II.INVESTMENT ASSOCIATED WITH IMPLEMENTING IMPLEMENTING ELECTRIC BUSESELECTRIC BUSES Many countries in the Asia-Pacific region have attempted to assess the total cost of ownership(TCO)of electric buses,but these calculations are complex and multifaceted as they involve many variable

42、s that are affected by local contexts.As these costs will change on a country-by-country basis because of differences in market conditions,policy environments,and technological access,the subsequent figures are indicative and should serve as a baseline for understanding potential cost structures acr

43、oss the broader region.Policymakers are encouraged to consider these costs,which encompass the procurement of electric buses,investment in charging infrastructure,and operation and maintenance,as a starting point for further,context-specific financial analysis.2.12.1 PROCUREMENT OF ELECTRIC BUSESPRO

44、CUREMENT OF ELECTRIC BUSES The cost of an electric bus would depend on whether a country has the resources to manufacture them domestically or whether they would need to be imported.China holds a significant position in the electric bus market,having manufactured over 95 percent of the 423,000 elect

45、ric buses in operation worldwide.12 According to a 2023 report by the United Nations Economic and Social Commission for Asia and the Pacific(ESCAP),the average upfront cost of an electric bus in Shenzhen,China,was around$US283,000 without subsidies,which was 21%higher than a typical diesel bus price

46、d at$236,000.13 Another ESCAP study on transitioning to electric buses in Thailand highlighted that electric buses imported from China cost approximately$226,000.14 These baseline estimates do not account for various factors that can significantly reduce these costs,such as negotiating capacity,econ

47、omies of scale,and the specific terms of agreements or partnerships with manufacturers.15 For example,in Shenzhen,China,large-scale bidding has reduced procurement costs by 30 per cent,while purchase subsidies from the government can lower the initial purchase cost by up to 36 per cent.16 As the bat

48、tery comprises between 20 to 40 per cent of the purchase price of an electric bus,17 business models supporting the outright purchase of the bus shell with battery rental are helping to drive down the upfront purchase cost significantly.18 This would enable PTAs to optimize fleet efficiency by swapp

49、ing batteries with 12 David Wyatt,“Battery Electric Buses:Beyond China”,available at:https:/ 31st January 2024 13 ESCAP,Case Studies on e-Bus Development and Operation in Chinese Cities,(2023,p.23)14 ESCAP,Study Report on Transition to Electric Public Buses in Thailand,(2023,p.50)15 PwC,Deployment o

50、f Electric Road Mass Transportation in South Asia:SAARC Energy Centre,(2017,p.105)16 ESCAP,Case Studies on e-Bus Development and Operation in Chinese Cities,(2023,p.23)17 ESCAP,National Policy Framework for Electric Mobility Development in Cambodia,(2023,p.14)18 Transport Engineer,“On a Charge The E

51、conomics of Electric Buses”,(2022),available at https:/www.transportengineer.org.uk/transport-engineer-features/on-a-charge-the-economics-of-electric-buses/246924/How Asia and the Pacific Could Unlock Financing for Electric Buses 4 charged ones after use.The upfront cost of electric buses can also b

52、e expected to drop further,as the price of lithium-ion battery packs has declined by 89 per cent since 2008,mainly due to improvements in battery technology and increases in manufacturing volume.19 Hence,as the adoption of electric buses rises,it can be expected that the upfront cost will become inc

53、reasingly financially attractive when compared to conventional ICE buses.2.22.2 INVESTMENT IN CHARGING INFRASTRUCTUREINVESTMENT IN CHARGING INFRASTRUCTURE The availability of charging infrastructure remains a significant challenge for EV adoption.For this reason,governments often support the rollout

54、 of charging infrastructure as studies have shown that“compared to consumer subsidies,investment in charging infrastructure is about four times as cost-effective in promoting EV sales”and that“a highly uneven EV penetration across countries is partly driven by cross-country variation in the availabi

55、lity of charging infrastructure.”20 There are three primary options for charging technology.This includes plug-in,flash charging,and battery swap,all of which have trade-offs related to charging time,additional vehicle weight,and cost.A study by the South Asian Association for Regional Cooperation o

56、n the Deployment of Electric Road Mass Transportation in South Asia,found that a typical 50-kilowatt hour(kWh)rapid plug-in charger incurred purchase costs of between$27,000-$33,000.21 This type of charger would allow an electric bus with a 300kWh battery to be charged in around 6 hours.PTAs would n

57、eed to assess their existing service levels and the anticipated number of electric buses within a fleet,as this will determine the number and type of charging stations required.2.32.3 OPERATION AND MAINTENANCE COSTSOPERATION AND MAINTENANCE COSTS Although the front-end price of electric buses can be

58、 a barrier to their adoption,the inherent simplicity of electric drivetrains reduces the costs of operation and maintenance.EVs have lower maintenance costs than ICE buses due to fewer liquids or pre-emptive inspections,and less wear on mechanical parts that require replacement.22 Approximately 40 p

59、er cent of the total maintenance cost is attributed to the replacement of tires,while the remainder covers oils,lubricants,and general maintenance.23 Despite this,the cost of spare parts and labor can appear high in comparison to ICE buses as the market evolves.This is partially due to the nascent 1

60、9 United States of America,Department of Energy,“FOTW#1272,January 9,2023:electric vehicle battery pack costs in 2022 are nearly 90%lower than in 2008,according to DOE estimates”,(Office of Energy Efficiency and Renewable Energy),9 January 2023,available at https:/www.energy.gov/eere/vehicles/articl

61、es/fotw-1272-january-9-2023-electric-vehicle-battery-pack-costs-2022-are-nearly 20 Shanjun Li,Binglin Wang,Muxi Yang,&Fan Zhang,“The global diffusion of electric vehicles lessons from the first decade”,Policy Research Working Paper,No.9882,(World Bank,2020,pp.13-14)21 PwC,Deployment of Electric Road

62、 Mass Transportation in South Asia:SAARC Energy Centre,(2017,p.105)22 Jrg M.Grtter and Ki-Joon Kim,“E-mobility options for ADB developing member countries”,ADB Sustainable Development Working Paper Series,No.60(Manila,Philippines,Asian Development Bank,2019,p.44)23 Asian Development Bank,Sustainable

63、 Transport Solutions:Low-Carbon Buses in the Peoples Republic of China,(2018,p.29)https:/www.adb.org/sites/default/files/publication/468921/sustainable-transport-solutions-peoples-republic-china.pdf How Asia and the Pacific Could Unlock Financing for Electric Buses 5 secondary market for components

64、and the specialized skills required for maintenance,the scarcity of which can lead to a temporary premium on these goods and services.24 However,maintenance costs account for a smaller fraction of expenditure than operational costs.In this respect,ESCAP found that the annual operation and maintenanc

65、e cost for a typical electric bus in Shenzhen,China,was approximately$26,000,split between$21,800 for operations(electricity and insurance)and$4,200 for maintenance.Meanwhile,the annual costs for a diesel bus were 47 per cent higher at$38,300,with an operational cost of$32,800 and a maintenance cost

66、 of$5,500.25 This study assumed that the price of diesel oil was$1.1 per liter and the price of electricity was$0.21/kWh,with annual operating mileages of 52,000 km and a vehicle life cycle of 5 years.It is important to note that these operational and maintenance costs can be significantly influence

67、d by local operating conditions,which vary greatly across Asia and the Pacific.For instance,extreme temperatures,both hot and cold,can affect battery performance and longevity,urban versus rural driving conditions can impact wear and tear on the vehicle,and variations in road quality,traffic congest

68、ion,and topography,such as hilly terrains,can influence energy consumption and maintenance needs.2.42.4 TOTALTOTAL COST OF OWNERSHIPCOST OF OWNERSHIP While the TCO for electric buses has historically been higher than that for ICE buses,the landscape is changing rapidly due to the aforementioned fact

69、ors,such as declining battery costs and the inherent efficiency of electric drivetrains.These elements are not only narrowing the TCO gap but,in certain contexts,they are already making electric buses more economical than ICE ones.This shift was highlighted in ESCAPs report on the transition to elec

70、tric public buses in Thailand,which stated that diesel buses are not economically competitive for new public transport investments.The report stated the TCO of an electric bus after 20 years was estimated to be 40 per cent lower than that of an ICE bus,at 19.85 Thai baht per km versus 27.78 Thai bah

71、t per km,respectively.This difference increased to 54 per cent when the government subsidized energy costs with carbon tax benefits,further emphasizing the importance of financial support for accelerating the transition to electric mobility.26 In this sense,the TCO is not merely a function of market

72、 prices and technological advancements,as it is shaped by the financing mechanisms available to PTAs.The relationship between these mechanisms and the TCO for diesel and electric buses is demonstrated in Figure 2.This analysis,produced by Bloomberg New Energy Finance on behalf of C40 Cities,is based

73、 on the assumption of a 250kWh electric bus that travels 56,000km annually and illustrates that favorable financing conditions are crucial to making electric buses an attractive alternative to ICE buses.Importantly for developing countries in Asia and the Pacific,securing affordable financing is a c

74、ritical challenge and dependence on high-interest private financing can be a major barrier to the adoption of electric 24 Jrg M.Grtter and Ki-Joon Kim,“E-mobility options for ADB developing member countries”,ADB Sustainable Development Working Paper Series,No.60(Manila,Philippines,Asian Development

75、Bank,2019,p.44)25 ESCAP,Case Studies on e-Bus Development and Operation in Chinese Cities,(2023,p.14)26 ESCAP,Study Report on Transition to Electric Public Buses in Thailand,(2023,pp.48-50)How Asia and the Pacific Could Unlock Financing for Electric Buses 6 buses.27 In addition to the cost of capita

76、l,the TCO is influenced by the availability of subsidies,fiscal incentives,and the maturity of financial markets.Policymakers should devise financial frameworks to ensure financial accessibility for PTAs to unlock the benefits of electric buses.27 Bloomberg,Electric Buses in Cities Driving Towards C

77、leaner Air and Lower CO2,(2018,p.43),available at:https:/ F Figureigure 2 2:TCO Comparison with Varied Financing CostsTCO Comparison with Varied Financing Costs ($($USUS per Kilometerper Kilometer)Source:Bloomberg,Electric Buses in Cities Driving Towards Cleaner Air and Lower CO2,(2018,p.43),availab

78、le at:https:/ Note:APR=Annual Percentage Rate.Annual distance traveled 56,000km.The paid upfront scenario assumes buses were purchased without loans and the discount rate was set at 10%.In the following scenarios,it is assumed the bus needs to be nearly fully financed with loans,with either 10%or 15

79、%APR and a discount rate set at 10%.1.091.141.271.041.111.2700.40.81.21.6Paid Upfront10%APR15%APR$US per KilometerDiesel BusElectric Bus How Asia and the Pacific Could Unlock Financing for Electric Buses 7 II III I.FINANCING ELECTRIC BUSES IN.FINANCING ELECTRIC BUSES IN ASIA AND THE PACIFICASIA AND

80、THE PACIFIC 3.13.1 FINANCIAL MEASURES AND FINANCIAL MEASURES AND INSTRUMENTINSTRUMENTS S 3.1.1 Subsidies and Incentives Financial support mechanisms,often in the form of grants and subsidies,can encourage the widespread adoption of electric buses.Typically sourced from both national and local public

81、 budgets,these funds aim to alleviate the various costs associated with the manufacture,purchase,and operation of electric buses.The preferential pricing of NEV buses can also support fleet renewal,making them financially more attractive than ICEs across a range of potential concessions,including ta

82、riffs and tax breaks.Governments can also provide in-kind incentives for items measured in non-monetary terms,such as services and training,among others.For example,incentives relating to the reservation of land for charging stations or regulatory exemptions can effectively address concerns about in

83、vesting in electric buses and infrastructure.A description of the different types of subsidies and investments follows:Research,Development,and Demonstration Grants and SubsidiesResearch,Development,and Demonstration Grants and Subsidies The development and testing of new energy vehicle(NEV)buses,ba

84、tteries,and charging infrastructure by manufacturers is paramount to reducing vehicle costs and attractiveness to PTAs.Grants can mitigate the significant investments that manufacturers make to advance these technologies,with many countries subsidizing initial development costs through capital cost

85、subsidies,which are structured as tiered incentives and cater to a spectrum of manufacturers,from micro,small and medium-sized enterprises to ultra-mega projects,as seen for the example of selected states in India in Table 1.Additionally,subsidies can be directed towards demonstration projects,which

86、 are a pivotal step in progressing from testing to deployment by proving the viability of electric buses on a small scale,considering aspects such as a countrys climate,wider technological development status and potential acceptance by the traveling public.The national EV demonstration program in Ch

87、ina,known as Thousands of Vehicles,Tens of Cities,provided substantial subsidies of RMB 1.622 billion($227 million)through city-based pilots over three years,supporting 24 affiliated manufacturers.28 28 China Association of Automobile Manufacturers.十城千輛”工程，初探新能源汽車市場化,(2013),available at http:/ How A

88、sia and the Pacific Could Unlock Financing for Electric Buses 8 Capital Expenditure Capital Expenditure Grants and SubsidiesGrants and Subsidies Also called“grants for purchase,”these grants are primarily utilized for acquiring tangible assets such as buses,batteries,and charging stations.By reducin

89、g the initial costs associated with electric buses and the necessary infrastructure,these grants are vital for the success of any project,given that the most financial burden for PTAs occurs at the EV projects initiation.The rate of discount can be aligned with performance metrics,such as the mileag

90、e range of the electric bus or its battery density,and can be provided at the national level,or independently by cities in a way that is distinct from national policies.In Shenzhen,China,a 12-meter electric bus would receive a$150,000 subsidy from the national government,covering more than half of t

91、he vehicles cost.29 Although high levels of subsidies are necessary for the early stages of electric bus adoption,China has begun a gradual phasing out of subsidies to coincide with NEV technology maturation and adoption,decreasing 20 per cent from 2016-2018,and 40 per cent from 2018-2020(see Figure

92、 3).29 WRI India,“How Did Shenzhen,China Build Worlds Largest Electric Bus Fleet?”,available at”https:/www.wri.org/insights/how-did-shenzhen-china-build-worlds-largest-electric-bus-fleet State Micro Small,and Medium Enterprise Ultra-Mega Enterprise Karnataka INR 1.5 million 5 million(25%of investmen

93、t)EV battery manufacturing/assembly-20 per cent up to INR 200 million for first 2 units EV charging equipment manufacturing-20 per cent up to INR 50 million for first 5 units Andhra Pradesh INR 1.5 million-5 million 10%of investment(max INR 100 million)for first 2 units in various segments 10 per ce

94、nt(max INR 200 million)for first 2 units in various segments Special incentives for mega,ultra-mega,and integrated automotive projects Tamil Nadu All industries-15 per cent of eligible investment(payable over 10 years)EV battery manufacturing-20 per cent of eligible investment(payable over 20 years)

95、MSMEs-additional capital subsidy for EV components or charging infrastructure manufacturers Kerala and Telangana-20 per cent capital subsidy for new EV manufacturing units Table 1:Capital Subsidies on R&D by Size and Type of EV Manufacturer in India Large Enterprise Mega Enterprise Source:World Reso

96、urces Institute India,A Review of State Government Policies for Electric Mobility,(2021,p.39).Note:INR=India Rupee How Asia and the Pacific Could Unlock Financing for Electric Buses 9 Tax IncentivesTax Incentives Tax incentives cover reductions or exemptions from value-added tax,excise tax,and regis

97、tration tax for end-users,as well as import duties and corporate tax rates.These incentives have a pivotal role in driving demand for electric buses and are particularly valuable when direct purchase grants are not readily available due to financial constraints.However,tax incentives can be a politi

98、cal process that requires involvement from local and national authorities,depending on the fiscal responsibilities of the stakeholders.Tax incentives can be coordinated by the national Board of Investment(BOI),or equivalent agency.In Thailand,the BOI provides incentives of 3-11 years of corporate in

99、come tax exemption,as well as import duty exemptions on machines and raw materials for manufacturers.Moreover,EVs have benefited from the BOIs excise tax amendments,which reduced from 8 per cent to 2 per cent for EVs produced in domestic BOI-selected plants.30 These promotion packages have a vital r

100、ole in attracting foreign direct investment,bolstering local electric bus manufacturing,and potentially lowering electric bus prices.These incentives can also be applied to charging infrastructure,which remains a significant challenge for EV adoption.Energy SubsidiesEnergy Subsidies As electricity i

101、s a major variable affecting the TCO of an electric bus,ensuring that the energy costs of PTAs are at a level that accentuates the low operating cost advantages of electric buses is essential for disincentivizing the use of ICE buses by PTAs.The price of electricity for PTAs can be based on that whi

102、ch is lower than the bulk price,as is the case in Indonesia,31 or it can be approved by the government at a set rate for a fixed period of 30 The Nation,“EV Board Extends EV Vehicle Subsidies for Buyers for Four More Years”,(2023)available at https:/ International Council on Clean Transportation,“Gu

103、idelines for Electric Bus Procurement in Jakarta”,Working Paper 2023-01,(2020,p.14)F Figureigure 3 3:Purchase Subsidies on Battery Electric Buses in ChinaPurchase Subsidies on Battery Electric Buses in China,2009,2009-20192019 Source:GIZ,New Energy Buses in China Overview of Policies and Impacts,(20

104、20,p.9)Note:RMB=Chinese Yuan 010203040506020092010201120122013201420152016201720182019Unit:RMB 10,000 per vehicleover 10 meters8-10 meters6-8 meters How Asia and the Pacific Could Unlock Financing for Electric Buses 10 time,as in Thailand from April 2021 to March 2023.32 Consideration should be give

105、n to the priority of electricity tariffs,as the charging rate in Thailand was under a low-priority scheme,granting the electricity authority the ability to control,adjust,reduce,or cut off the electricity usage of the charging stations if additional electricity is required for other activities.There

106、fore,authorities should consider specifying the tariffs in tender documents to provide clarity and reliability regarding the future operational costs of PTAs.3.1.2 Investment Capital In the context of purchasing electric buses,investment capital refers to conventional funds such as soft loans and gr

107、een bonds available to transit agencies,bus operators,and manufacturers.Raising investment capital through traditional instruments such as debt and equity has proven scarce to facilitate the procurement of electric buses.33 Investment capital is particularly useful for private transport operators wh

108、o dont necessarily have access to national and local public funds,like cities that operate state-run PTAs.Investment Capital Trends in Asia and the PacificInvestment Capital Trends in Asia and the Pacific Soft loans are mainly initiated by international financial institutions(IFIs)and development fi

109、nance institutions(DFIs)to promote private sector investment.DFIs and IFIs are increasingly targeting key participants across the NEV supply chain,including manufacturers and lessors,as opposed to only financing PTAs to procure electric buses.This shift recognizes the spillover benefits of these loa

110、ns to other industries and,thereby,the expansion of climate finance opportunities for IFIs.For instance,the Asian Development Bank(ADB),with a consortium of IFIs,provided loans of over$100 million to VinFast,an NEV manufacturer in Viet Nam,to support the development of the first electric bus fleet a

111、nd EV charging network in the country in 2023.34 Green bonds use the same principles as conventional bonds,whereby issuers raise funds by selling bonds to investors at a fixed interest rate for a specified duration.The key distinction,apart from their earmarked use for environmental projects,lies in

112、 the tax exemptions and credits offered by governments,which make them appealing to a broader range of investors and issuers.As green bonds can be used to finance their nationally determined contributions(NDCs),they have served as a cornerstone for the adoption of this type of financial instrument a

113、cross Asia and the Pacific,including in Thailand,Indonesia,and China.However,while green bonds can be an attractive instrument for local governments,they may be more suitable for larger operators as green bonds share the same credit rating as the issuers other debt obligations.Challenges of Absorbin

114、g Investment CapitalChallenges of Absorbing Investment Capital Despite interest in loans and green bonds across Asia and the Pacific,the capital available is insufficient for 32 United Nations Economic and Social Commission for Asia and the Pacific,Study Report for Transitioning to Electric Public B

115、uses in Thailand(2023,p.6)33 WRI India,How to Enable Electric Bus Adoption in Cities Worldwide,(2019)34 ADB,“ADB Leads$135 Million Climate Financing Package to Support Electric Mobility in Viet Nam”,(2022),available at https:/www.adb.org/news/adb-leads-135-million-climate-financing-package-support-e

116、lectric-mobility-viet-nam How Asia and the Pacific Could Unlock Financing for Electric Buses 11 achieving large-scale adoption of electric mobility in public transport.IFIs and DFIs are still cautious about investments in this sector for a myriad of reasons,including risk appetite,the absence of a r

117、obust resale market,and the creditworthiness of debtors.This is particularly evident in India,where financial institutions have shown a reluctance to lend to original equipment manufacturers(OEMs),requiring them to raise a minimum of 70 per cent of capital as debt,35 despite their vital role in supp

118、orting the national target of deploying 10,000 electric buses in 169 cities by 2033.36 In Nepal,financial institutions are said to lack incentives for financing the procurement of electric buses by PTAs,citing the lack of a reliable sales market in the case of loan default.This lack of commitment to

119、ward electric buses from financial institutions,often neither agreeing nor rejecting to offer lending facilities,has hindered the adoption of electric buses.37 Addressing this challenge requires governments to intervene with mechanisms such as credit support to mitigate the perceived risks of financ

120、ial institutions.For example,a payment security mechanism(PSM)could function as a payment security fund that provides interest-free capital to creditors in the case of loan default by PTAs or OEMs.This has been planned for use in India,where PSMs could be integrated into the governments electric bus

121、 financing facility,enabling OEMs to secure financing at lower rates.38 The advantages include diversifying the risks and reducing the transaction costs of scaling up investments,and evidence of these benefits can be demonstrated in the energy sector of India,where a PSM was established by the centr

122、al government to pay power producers in the event that state-owned utility companies were to enter into default on their contractual obligations with the power producers.39 3.1.3 Procurement and Leasing Business Models Suitable business and funding models that bind stakeholders into providing the ne

123、cessary support in areas such as operations,maintenance,and battery disposal are required to manage the inherent risks electric buses present for PTAs.These risks include adapting routes to meet charging needs or adapting technical and maintenance capabilities from ICE vehicles.In this context,multi

124、ple innovative business models have emerged,each with varying degrees of risk and categorized in terms of their bundling(same service provider for multiple activities)or how much the PTA chooses to outsource.The conventional model involves outright bus purchase with in-house operations and maintenan

125、ce,while the financial lease model enables the leasing of buses,batteries,operations,maintenance,charging,and disposal(see Figure 4).35 Mint,“Indias E-Bus Adoption Ambitions Require a Financially Sound Plan”,(2023)available at https:/ Reuters,“India Approves$7bln Plan for Electric Buses in Nearly 17

126、0 Cities”,(2023),available at https:/ New Business Age,“Commercial Electric Vehicles Financing Sill a New Market for Financial Institutions”,(2021),available at”http:/ The Economic Times,“Payment Security Mechanism,Subsidies to Help in Growth of Electric Mobility:Dheeraj Hinduja”,(2023),available at

127、 https:/ Center for Energy Finance,“How Payment Security Mechanism Works”,(2019),available at https:/www.ceew.in/cef/quick-reads/explains/how-payment-security-mechanism-works How Asia and the Pacific Could Unlock Financing for Electric Buses 12 Financial Lease Models Financial Lease Models In the le

128、asing model,a third-party assumes legal ownership of some or all of the assets,alleviating financial burdens for the PTA and shifting the maintenance risks to the lessor.The PTA,in turn,pays a regular fixed sum to the lessor based on predefined terms,which may be tied to factors such as mileage.Leas

129、ing contracts address the substantial upfront costs associated with electric buses by spreading these expenses over time,enabling PTAs to realize the savings from operations and maintenance more quickly.Leasing entities often offer reliable service guarantees that encompass maintenance and warrantie

130、s,which reduces uncertainties for the PTA concerning their service levels.The financial lease model,which involves the complete outsourcing of assets and services,has proven effective globally,with examples from Santiago,Brussels,and Shenzhen,Nanjing,and Tianjin in China.+Battery Lease Model,CI by E

131、SP+Financial Lease Model,CI by +Outright Purchase,O&M outsource on GCC CI by Authority+Outright Purchase&AMC,CI by +Outright Purchase,CI by Authority+GCC model and EUP Model,CI by Authority,CI=Charging Infrastructure,EUP:Energy Utility Provider,AMC:Annual Maintenance Contract,O&M:Operation and Maint

132、enance,Govt:Government,OpEx:operating expense Figure 4:Types of Business Models for Electric Buses Purchase+Operation+Maintenance outsourced Outright Purchase+Inhouse Operation and Maintenance Outright Purchase+Inhouse Operation Maintenance outsourced Outright Purchase Operation+Maintenance outsourc

133、ed Bus Purchase by Lease holding company Bus Leasing for O&M by Lease Holding Company to Private Operator Private Operator outsources elements and CI to the EU Central Govt.provide capex subsidy to Vehicle Manufacturer Local Govt.provide OpEx subsidy to Private operators and EUP Outright Purchase(Bu

134、ses)Inhouse Operation(Buses)+AMC(Option1)O&M Maintenance outsourced(Option2)Battery Procurement+Operation+Maintenance Outsourced Source:ESCAP,Monograph Series on Transitioning to Electric Mobility in the Asia-Pacific Region:Accelerating the Transition of Public Transport Fleets,(2023,p.21)How Asia a

135、nd the Pacific Could Unlock Financing for Electric Buses 13 In Shenzhen,100 per cent of the citys 16,000 buses are electric,which is an exemplary case of leveraging innovative financing models and represents a strategic approach to overcoming the initial financial challenges associated with large-sc

136、ale transitions to EVs.BYD is responsible for manufacturing electric buses and batteries.However,the ownership of the bus and the battery is separated,with the Bank of Communication Leasing extending loans to PTAs such as Shenzhen Bus Group,Shenzhen Eastern Bus,and Shenzhen Western Bus,to cover the

137、bus acquisition costs.The battery is purchased from BYD but leased to the PTAs from China Potevio Information Industry Group Corporation,an energy services provider.As a result of the segmented ownership of vehicles and batteries,Potevio handles e-bus charging facilities and battery maintenance to c

138、ontrol operating costs.After 2015,financial leasing companies started offering comprehensive bus and battery leasing services,as a result of accumulating operational experience,improved battery reliability,and stabilized government subsidies.This approach proved more efficient than the bus-battery s

139、eparation model above,as fewer parties are involved which reduces transaction costs and lowers financial risks.Box 1:Financial Lease Model in Shenzhen,China Source:World Bank(2021).Electrification of Public Transport:A Case Study of Shenzhen Bus Group.License:Creative Commons Attribution CC BY 3.0 I

140、GO,Washington,DC.How Asia and the Pacific Could Unlock Financing for Electric Buses 14 Splitting Asset Ownership from Operation(Gross Cost Contract)Splitting Asset Ownership from Operation(Gross Cost Contract)The trend of unbundling bus ownership from operations is gaining momentum,drawing inspirati

141、on from models in the air and rail industries.40 This approach can be emulated for electric buses when PTAs shoulder the associated risks and responsibilities tied to electric bus and battery ownership,while the actual operation of these buses can be entrusted to concessionaires who provide drivers

142、and oversee day-to-day performance.Within Asia,both Singapore and Indonesia have used Gross Cost Contracts to finance electric buses.In Singapore,the PTA maintains ownership of all public operating assets,which include buses,charging infrastructure,fleet management systems,ticketing equipment,and co

143、ntracts operations to public transport operators through a competitive tendering process.Similarly,in Jakarta,the PTA procures the buses and outsources their operation and maintenance to private operators.This approach grants PTAs greater control over the planning and procurement of public buses,ena

144、bling them to adapt bus capacity in response to changes in travel demand and public expectations of service levels.3.1.4 Multilateral Climate Funds As important instruments for driving the profound economic and societal transformations required to combat climate change,multilateral climate funds lev

145、erage financial mechanisms through strategic partnerships with IFIs,governments,and the private sector,to support new technologies and markets that promote a more prosperous,equitable climate economy.Despite limited support specifically for low-carbon public transport,two major players in this area

146、are the Global Environment Facility(GEF)and the Green Climate Fund(GCF).Both entities play pivotal roles in promoting electric mobility by providing avenues for innovative and scaled financing and programmatic support for initiatives that align with their respective goals and priorities,often mutual

147、ly reinforcing commitments to the Paris Agreement and NDCs.Global Environment FacilityGlobal Environment Facility In 2022,29 countries made pledges of over$5 billion to support environmental action in developing countries through the GEF.The seventh programmatic cycle of the GEF(2018-2022)and the cu

148、rrent cycle(2022-2026)are particularly focused on low-carbon transport.GEFs current program will mobilize$50 million to support 40 countries transition to electric mobility.In Asia and the Pacific,this is supporting Indonesia,Nepal,Maldives,and Sri Lanka,to implement electric buses in association wi

149、th the United Nations Environment Programme(UNEP).As part of this support,GEF aims to de-risk investment in EVs,support the development of EV frameworks that incorporate gender-responsive policies,and ultimately facilitate the creation of EV markets.41 GEF is providing similar support to Thailand,Vi

150、et Nam,Bangladesh,India,and the Philippines on 40 World Bank,Twists and Turns:New Business Models(英語)”,(2020)41 UNEP,“Electric Mobility”,available at https:/www.unep.org/gef/focal-areas/climate-change-mitigation/our-work/electric-mobility,accessed 25th November 2023 How Asia and the Pacific Could Un

151、lock Financing for Electric Buses 15 electric 2-and 3-wheelers and light-duty vehicles.42 The GEF welcomes proposals from national governments that seek support to develop electric mobility projects.This process is typically initiated through engagement with the GEF Secretariat,where project proposa

152、ls are evaluated based on criteria such as environmental impact,technical feasibility,and financial sustainability.If approved,countries often establish national coordination mechanisms or focal points to coordinate project delivery with GEF.GreenGreen Climate FundClimate Fund Operating as an IFI wi

153、thin the United Nations Framework Convention on Climate Change,and as the worlds largest multilateral climate fund,the GCF assists developing countries in their efforts to combat climate change by providing grants and other concessional financing for mitigation and adaptation-related projects,progra

154、ms,and policies.The GCF is committed to increasing access to low-emission transport,supporting both public and private low-and zero-emission transport systems.9 out of the 177 GCF projects,representing$531.7 million out of the total$9.8 billion committed by GCF,are directed to low-emission transport

155、.43 This has supported transformative projects such as the development of a light rail system in San Jos,a Bus Rapid Transit(BRT)system in Karachi,Pakistan,and investments in large-scale e-bus fleets and fast-charging infrastructure in Panama,Paraguay,and Uruguay.44 In order to receive funding from

156、the GCF,project proposals must meet the investment criteria outlined in the GCF Investment Framework,and applicants are encouraged to refer to the Project Preparation Facility guidelines and the Programming Manual to familiarize themselves with this process.3.23.2 POLICY AND PLANNING STRATEGIESPOLIC

157、Y AND PLANNING STRATEGIES 3.2.1 Demand Aggregation Consolidating the demand for electric buses and combining the purchasing power of PTAs,cities,or states,can speed up adoption and enable economies of scale through larger purchase orders.Additionally,this unified demand signals a stable market,encou

158、raging manufacturer and private sector investment in the NEV market.Joint procurement efforts also streamline the often-complex procurement process by reducing administrative burdens,sharing best practices among PTAs,and combining resources to collectively address any regulatory and logistical chall

159、enges.The benefits of demand aggregation can be achieved by establishing collaborative frameworks among stakeholders,including PTAs,municipalities,and governmental agencies,as this will enable the joint planning and execution of procurement strategies.As these stakeholders will often have diverse op

160、erational needs,it is 42 UNEP,“Electric Mobility Projects in Asia and the Pacific”,available at https:/www.unep.org/explore-topics/transport/what-we-do/electric-mobility/electric-mobility-projects-asia-and-pacific,accessed 25th November 2023 43 Green Climate Fund,Sectoral Guide Consultation Version

161、1:Low Emission Transport,(2022,p.27),available at https:/www.greenclimate.fund/sites/default/files/document/gcf-low-emission-transport-sectoral-guide-consultation-version-1_0.pdf 44 Ibid.p.27 How Asia and the Pacific Could Unlock Financing for Electric Buses 16 important to conduct a needs-based ass

162、essment for the electric buses,as many components have trade-offs such as the capability of higher-capacity batteries to increase driving range but also raise the upfront cost and charging time.This process can be supported by governments and international organizations with financial and regulatory

163、 support,along with capacity-building initiatives in areas such as optimizing financial resources through public-private partnerships.India has used demand aggregation in electric bus procurement through the Grand Challenge,an initiative managed by the Department of Heavy Industries.The Grand Challe

164、nge invited cities to subscribe to the number and type of electric buses they required against homogenized procurement specifications that were to be adopted across all cities.This aggregated approach resulted in an order for 5,450 electric buses that have significantly changed the transport landsca

165、pe across Delhi,Calcutta,Surat,Bengaluru,and Hyderabad.As over 90 per cent of PTAs in India operate under losses,45 pooling resources enabled economies of scale that resulted in record-low costs,reducing the price for 12-meter AC and non-AC electric buses by 30 per cent and 35 per cent,respectively,

166、compared to compressed natural gas(CNG)buses.This reduced the tender rate by 39.8 per cent46 and will reduce CO2 emissions by 3.31 million tons,assuming the 5,450 buses cover an expected 4.7 billion kilometers over 12 years.47 3.2.2 Nontraditional Third-Parties There is a growing trend of nontraditi

167、onal third-party actors,such as energy companies and specialized financial firms,entering the public transport value chain,which governments and transit agencies should promote as they are key to supporting procurement,operations,and forming competitive markets.Understanding the impact of EVs on tra

168、ditional automotive industries can help to understand these changes,as employment and operations are expected to shift“downstream”from manufacturing to operations and maintenance.48 This transition within the electric bus industry is indicative of the changing nature of job roles in the sector,as de

169、monstrated by the employment distribution in Europe(see Figure 5).While specific data for Asia is limited,the trends observed in Europe serve as a valuable proxy,especially for countries without an established domestic automotive manufacturing industry that can prepare to capitalize on developing se

170、ctors such as energy management,infrastructure,and maintenance services,as indicated by Figure 5.Several Asia-Pacific countries,such as Malaysia and Thailand,are already adapting to these changes by positioning themselves as regional hubs for EV production and aligning national policies to support a

171、 diverse range of EV-related businesses.49 As key contributors to successful electric bus procurement and operation,the role of nontraditional third-parties 45 Convergence,The Grand Challenge for Electric Bus Deployment:Outcomes and Lessons for the Future,(2023,background)46 WRI India,“Expanding the

172、 Footprint of the Grand Challenge Across Tier-II India”,(2022),available at https:/wri-india.org/blog/expanding-footprint-grand-challenge-across-tier-ii-india 47 Only Eleven Percent,“Learning from the Grand Challenge The Worlds Largest E-Bus Procurement Tender”,(2022),available at https:/ EuropeOn,P

173、owering a New Value Chain in the Automotive Sector the Job Potential of Transport Electrification,(2020,p.11)49 UNESCAP,Study Report for Transitioning to Electric Public Buses in Thailand(2023,p.8),available at https:/www.unescap.org/kp/2023/study-report-transitioning-electric-public-buses-thailand

174、How Asia and the Pacific Could Unlock Financing for Electric Buses 17 should be strengthened by legal arrangements,as effective partnerships between PTAs and these service providers are paramount for a transparent and clear delineation of responsibilities.They instill confidence in investors by ensu

175、ring the certainty of contracts and concessions.This certainty is further reinforced by guarantees for long-term concessions and the establishment of structured fiduciary mechanisms for payments.As automobile industries become more diversified and fragmented,nontraditional third-parties will begin t

176、o capture parts of the market previously dominated by traditional automobile manufacturers.This shift is facilitating the distribution of capabilities across the sector and reflects a broadening of expertise and specialized skills within the EV ecosystem,which are essential for supporting the burgeo

177、ning demand for electric buses and the accompanying infrastructure.For example,energy companies,infrastructure specialists,and financial firms are now capturing segments in energy management,advanced maintenance,and innovative financing.These specialized skills and capabilities are becoming increasi

178、ngly vital to the growth and sustainability of the EV ecosystem.3.2.3 Policies to Promote Modal Shift As the transport sector as a whole has produced considerable externalities,such as greenhouse gas(GHG)emissions,congestion,and noise pollution,adequate policy measures are necessary to shift the beh

179、avior of the producers and consumers within the sector,which includes promoting a modal shift to low-carbon public F Figureigure 5 5:Share of EVShare of EV-Related Jobs in Europe to be Created by 2030Related Jobs in Europe to be Created by 2030 Source:EuropeOn,Powering a New Value Chain in the Autom

180、otive Sector the Job Potential of Transport Electrification,(2020,p.11),Grid Reinforcement,2%Electricity Generation,9%Battery Cell Manufacturing,17%Wholesale,1%Installation,11%Maintenance,39%Operation,7%Grid Connection,6%Civil and Road Work,1%Manufacturing and Charging Equipment,7%How Asia and the P

181、acific Could Unlock Financing for Electric Buses 18 transport.Governments in Asia and the Pacific tend to address these externalities using a range of market-based instruments,including carbon credits,carbon pricing,congestion charges,parking levies,and vehicle taxes based on engine efficiency.These

182、 pricing instruments can often be politically challenging to implement,as administrations may incur administrative and enforcement costs for applying them,and the public may not be aware of,or support,the necessity of these measures.In Asia and the Pacific,which comprise two-thirds of the worlds poo

183、rest people,this could also price these marginalized communities out of the ability to travel,restricting them from employment,academic,and social opportunities.50 However,as climate change disproportionately affects populations in vulnerable situations,51 the need for effective measures that promot

184、e public transport is crucial.As a result,pricing instruments often need to be complemented with regulations such as land use planning and zoning,as well as vehicle standards and public procurement programs,to ensure a just transition to electric mobility.3.33.3 CAPACITY BUILDING INITIATIVESCAPACITY

185、 BUILDING INITIATIVES Without high levels of international cooperation on issues such as sustainable transport,the International Energy Agency states that the transition to net zero GHG emissions would be delayed by four decades,being reached in 2090 instead of 2050.52 In this context,regional dialo

186、gues have empowered governments to make informed decisions that leverage the best practices and lessons learned from EV developments in other countries and have facilitated technology transfer that has resulted in lower TCO,extended driving range,and faster charging capabilities.An example of region

187、al cooperation is shown below:3.3.1 ESCAPs Asia-Pacific Initiative on Electric Mobility(APIEM)The APIEM promotes regional collaboration among EV stakeholders and provides technical workshops and capacity-building support to countries transitioning to electric mobility in public transport.Since its l

188、aunch in August 2022,the APIEM has 19 member countries from across Asia and the Pacific that have requested support to develop policies and frameworks that could support the transition,including the identification of financing mechanisms.In 2023,the APIEM organized six national workshops and two sub

189、-regional meetings,many of which had ministerial-level participation and brought together over 650 regional EV stakeholders,including policymakers,development partners,research institutes,and the private sector.The APIEM has supported Thailand,Georgia,Nepal,and the Lao Peoples Democratic Republic to

190、 formulate national EV policies and strategies.In the latter country,ESCAP released a working paper on“Promotion of Public Transport Electrification in Lao Peoples Democratic Republic”.This assessed the current availability of financing mechanisms in the country and provided recommendations,among ot

191、hers,for promoting an enabling 50 APWLD,“Breaking Out of Marginalisation(BOOM)”,available at https:/apwld.org/our-programmes/breaking-out-of-marginalisation/,accessed 28th November 2023 51 UNESCAP,Social Protection and Climate Change in Asia and the Pacific,(2023,p.1)52 International Energy Agency(2

192、021),Net Zero by 2050,IEA,Paris How Asia and the Pacific Could Unlock Financing for Electric Buses 19 environment to attract leasing companies,as well as outlining several financial measures that could be applied based on an analysis of the cost of ownership under various financing options.53 ESCAP

193、has also developed a series of policy-oriented reports on electric mobility,such as“Electric Mobility in Public Transport:A Guidebook for Asia-Pacific Countries,”“New Energy Vehicle Policies and Promotion in China,”and“Case Studies on e-Bus Development in Chinese Cities.”The Guidebook provides a sys

194、tematic process for planning,implementing,and managing the transition to electric mobility in public transport,including extensive information on financing.The reports also inform interested parties about EV development trends,as well as provide experiences of the best practices for financing,as exh

195、ibited in China,where electric mobility has made significant inroads into the public transport sector.53 UNESCAP,Promotion of Public Transport Electrification in Lao Peoples Democratic Republic,(2023,p.25)How Asia and the Pacific Could Unlock Financing for Electric Buses 20 I IV V.WAY WAY FORWARD:PO

196、LICY RESPONSES FORWARD:POLICY RESPONSES AND RECOMMENDATIONSAND RECOMMENDATIONS Transitioning to electric mobility in public transport offers long-term economic and environmental advantages,but overcoming the barriers to financing requires coordinated efforts that are supported by governments to miti

197、gate investment risks and navigate the long-term EV horizons.Although there is no one-size-fits-all financing solution to urban mobility,especially in public bus provision,the following recommendations should be considered to create an enabling environment that attracts a diverse range of financing

198、mechanisms,thereby offering PTAs a spectrum of options that align with their local operational requirements.4.1 Strengthen Environmental Commitments and Transport Policies A fundamental strategy in advancing low-carbon transportation involves elevating national commitments to GHG emissions reduction

199、 and the formulation of targeted policies within the transport sector.This involves aligning transport policies with the broader framework of Nationally Determined Contributions(NDCs)and establishing specific,long-term strategies for low emissions.This alignment should focus on sending strong market

200、 signals that demonstrate a steadfast commitment to mitigating climate change,particularly by fostering the growth and adoption of electric bus technologies.Crucially,these policies should be developed not in isolation by the transport sector,but through a collaborative,multi-sectoral approach.This

201、includes garnering input from various stakeholders,such as urban planners,environmental agencies,and the private sector.By ensuring that these policies are the outcome of a comprehensive,integrated approach,transport decarbonization is elevated from a sectoral goal to a national priority.This shift

202、is vital for creating a more effective,sustainable,and impactful transport ecosystem,where electric buses play a central role in reducing GHG emissions.4.2 Foster Sectoral and Regional Collaboration The effective integration of EVs into public transport necessitates a comprehensive policy approach t

203、hat extends beyond national directives,involving collaboration among sub-national and city-level authorities,along with key stakeholders.Ministries responsible for EVs,such as the Ministry of Transport,Ministry of Natural Resources and Environment,or the Ministry of International Trade and Industry,

204、should lead this initiative to set strategic targets for their adoption and develop financial frameworks to support these goals.This could involve incentives for private investment,offering subsidies for electric bus manufacturers and operators,and establishing green bonds or other innovative financ

205、ing mechanisms.At the sub-national and city levels,regional or municipal governments must actively work on aligning these national financing strategies with local implementation plans.Their involvement is vital in identifying and addressing specific local financing needs,which may include facilitati

206、ng public-private partnerships or accessing funds from IFIs to develop tailored loan programs for electric bus procurement.With established regional collaboration mechanisms already in place,such as ESCAPs Asia Pacific Initiative on How Asia and the Pacific Could Unlock Financing for Electric Buses

207、21 Electric Mobility,there is an opportunity to harness these platforms to further the collective adoption of electric buses across the region,as electric buses not only address local environmental and urban mobility challenges,but also contribute significantly to regional environmental commitments.

208、These existing platforms can support the dissemination of best practices for financing,which can be used to adapt successful strategies to local contexts.A focus of this collaboration could also be on joint procurement strategies,as pooling demand between countries or cities can negotiate more favor

209、able purchasing terms which can reduce purchase costs.4.3 Engage with Financers Across the E-Mobility Supply Chain As the electric mobility sector is growing,it is important to engage a variety of investors to tap into the sectors full potential.This engagement should encompass PTAs and manufacturer

210、s,facilitating discussions with financial entities such as IFIs and DFIs.PTAs,in particular,have a pivotal role in providing insights into public transport needs and operational landscapes so that investors can evaluate the long-term sustainability and profitability of the EV market.This is importan

211、t as they have a key role in driving innovation,fostering market expansion,and supporting the overall development of the sector.These insights can facilitate more informed investment strategies and financing solutions that are both practical and economically viable for PTAs.These proactive and strat

212、egic dialogues are key to discovering collaborative financing opportunities,such as tailored loans with lower interest rates or government subsidies,which can reduce the overall cost of capital for electric mobility projects and also align the interests of investors with the long-term growth of the

213、sector.4.4 Adopt Tangible and Consistent Fiscal and Non-Fiscal Incentives To bridge the cost gap between electric and ICE buses,governments must implement concrete fiscal and non-fiscal incentives.These incentives should be targeting not only manufacturing but also the operational costs of electric

214、buses.They could include direct financial support such as grants and subsidies,as well as indirect support such as reduced electricity tariffs or priority lane access.The effectiveness of these incentives hinges on a strong regulatory framework that ensures the transparent and fair allocation and mo

215、nitoring of resources.This framework must strike a balance between providing enough flexibility to adapt to evolving market needs and ensuring equitable access for all stakeholders.4.5 Formalize Flexible Procurement Plans and Optimize Risk Allocation Considering that many state-owned PTAs in Asia an

216、d the Pacific operate under significant financial constraints,it is crucial to develop procurement plans that distribute investment risks more equitably.These plans should involve not just traditional stakeholders but also include innovative partnerships with entities such as charging infrastrure ma

217、nufacturers and utility companies.By formalizing these relationships,governments can assure the stability and reliability of contracts,which is critical for attracting non-traditional third-party investors,such as specialized financial firms that are increasingly entering and adding value to the ele

218、ctric mobility sector.Additionally,such plans should focus on optimizing risk allocation,ensuring that PTAs can concentrate on their core responsibility of operational delivery without being overburdened by financial risks.This approach will support a more sustainable and financially viable model for the adoption and expansion of electric bus systems in the region.How Asia and the Pacific Could Unlock Financing for Electric Buses 22 Get connected.Follow us.www.unescap.org