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1、Unlocking Capital for Zero Emission TrucksCase Studies from Global Markets Report/February 2025rmi.org/2Unlocking Capital for Zero Emission TrucksRMI is an independent nonprofit,founded in 1982 as Rocky Mountain Institute,that transforms global energy systems through market-driven solutions to align

2、 with a 1.5C future and secure a clean,prosperous,zero-carbon future for all.We work in the worlds most critical geographies and engage businesses,policymakers,communities,and NGOs to identify and scale energy system interventions that will cut climate pollution at least 50 percent by 2030.RMI has o

3、ffices in Basalt and Boulder,Colorado;New York City;Oakland,California;Washington,D.C.;Abuja,Nigeria;and Beijing.RMI has been supporting Indias mobility and energy transition since 2016.rmi.org/3Unlocking Capital for Zero Emission TrucksAuthors and AcknowledgementsAuthorsZhinan Chen Marie McNamara S

4、amhita ShiledarAuthors listed alphabetically.All authors from RMI unless otherwise noted.Acknowledgments The authors would like to thank the following individuals for offering their insights and perspectives on this work:Sean Cooke,UN Environment Programme Ethan Elkind,UC Berkeley Robert Salls,Calif

5、ornia Pollution Control Financing Authority Riya Saxena,RMI Alison French-Tubo,California Pollution Control Financing Authority Yichen Zhang(former RMI intern)Citation Zhinan Chen,Marie McNamara,and Samhita Shiledar,Unlocking Capital for Zero Emission Trucks:Case Studies from Global Markets,RMI,Febr

6、uary 2025,https:/rmi.org/insight/unlocking-capital-for-zero-emission-trucks.CopyrightsRMI values collaboration and aims to accelerate the energy transition through sharing knowledge and insights.We therefore allow interested parties to reference,share,and cite our work through the Creative Commons C

7、C BY-SA 4.0 license.https:/creativecommons.org/licenses/by-sa/4.0/.All images from iS and AdobeS unless otherwise noted.ContactsFor more information,contact indiainformi.org.rmi.org/4Unlocking Capital for Zero Emission TrucksTable of ContentsExecutive Summary.5Introduction.7 Overview of ZET Finance

8、Landscape in Key Global Markets.10 Leveraging Global Insights on Financing ZETs.12 Risk-Sharing Facilities.12 ZET Insurance Products.16 Mobility-as-a-Service.23 Conclusion.27Endnotes.29rmi.org/5Unlocking Capital for Zero Emission TrucksThe trucking sector is responsible for 34%of CO2 emissions and 5

9、3%of particulate matter(PM)emissions from Indias road transport.As India advances toward its net-zero targets,transitioning to zero-emission trucks(ZETs)is essential,due to their significant benefits including reduced emissions,improved public health,enhanced energy independence,and lower logistics

10、costs.One critical lever to accelerate this transition is access to affordable financing.There is currently a lack of financing products available for ZETs in the Indian market.Obtaining loans for ZETs is also more difficult than for diesel vehicles and often comes with higher interest rates.Since t

11、he capital costs of ZETs are already two to six times higher than those of diesel counterparts,these financing challenges further hinder their market adoption.1 The challenges stem from real risks and investors perceived risks associated with ZET technology,including doubts about steady revenue retu

12、rns,battery performance,skilled maintenance labor for ZETs,and the availability of charging infrastructure.To tackle these challenges,financial solutions such as innovative financing tools and business models are essential for improving the accessibility and affordability of capital in the ZET marke

13、t.Financial tools that mobilize private investment are essential for sourcing the capital needed to accelerate this transition at the required pace.ZET-specific business models can also play a critical role in enhancing the operational viability of ZETs,distributing risk,and strengthening the busine

14、ss case to attract capital.Across the globe,markets have been piloting innovative solutions to mobilize financing to drive the ZET transition,particularly in China,Europe,and the United States.From 2020 to 2023,the newly registered electric trucks in these three geographies together accounted for 95

15、%of the total new electric trucks sold worldwide.2 These markets have benefited from financial interventions such as grants and tax incentives,concessional finance tools,innovative business models such as mobility-as-a-service,and de-risking practices.This report examines how different regions are f

16、inancing and de-risking the transition to ZETs and focuses on how lessons and implications can be applied to Indias emerging ZET market.In 2024,RMI and The Centre of Excellence for Zero Emission Trucking(CoEZET)published the Comprehensive Guide to Financing the Zero-Emission Trucking Transition in I

17、ndia,detailing eleven ZET financing solutions for India under three categories:finance tools,business models,and de-risking practices.3 Building on the framework introduced in the comprehensive report,this report explores three key tools risk-sharing facilities,insurance,and mobility-as-a-service hi

18、ghlighting how they have been successfully implemented globally and their implications for India.These tools were selected for their potential to address the product and technology risks associated with ZETs,thereby improving access to capital and reducing the cost of ZET ownership.Additionally,thei

19、r greater market readiness in the selected geographies provides valuable Executive Summaryrmi.org/6Unlocking Capital for Zero Emission Trucksinsights into how to design and implement such finance solutions on a practical level.The global examples of the three tools,along with their implications for

20、India,are summarized below.Risk-Sharing Facility:Risk-sharing facilities,often as loan guarantees,cover a portion of loan losses in the event of default.These guarantees enable financiers to hedge against loss in case of default to mobilize capital for ZET fleets.A leading example is Californias Zer

21、o-Emission Truck Loan Pilot Project,which includes loan guarantees for both zero-emission trucks and infrastructure.This program targets small-and medium-sized fleets that face greater challenges in securing finance due to lenders perceiving them as higher risk.In India,where small fleets dominate t

22、he market,loan guarantees could serve as a catalyst to build commercial financiers confidence in the ZET sector and unlock commercial lending.Insurance:Insurance offers financial protection to truck owners from unforeseen risks and is often mandatory for truck operations on the road.ZET insurance is

23、 currently more expensive than diesel truck insurance and may sometimes be unavailable.Developing insurance solutions tailored to ZETs can help reduce perceived operational risks,making the sector more attractive to investors.China has been experimenting with regulatory measures to address this issu

24、e,such as capping premium rates and banning insurers from rejecting ZET insurance applications.The private sector is also developing innovative solutions,such as driving behavior databases to inform insurance pricing and low-cost ZET insurance offered by OEMs.These examples emphasize the need for co

25、llaboration among public entities,insurance companies,OEMs,and fleets to improve information transparency and refine insurance pricing.Mobility-as-a-Service(MaaS):The MaaS model,which includes truck leasing along with additional services like charging infrastructure and maintenance,distributes ZET o

26、wnership risks to specialized parties that are better equipped to manage them.MaaS has gained traction through partnerships between OEMs,leasing companies,and development finance institutions in the United States,Europe,and China.A federal grant-funded MaaS program in the United States offers afford

27、able ZET leasing and charging services for small drayage fleets.Europe has seen examples of a pay-per-use model,allowing fleets to lease ZETs based on kilometers driven.In China,some MaaS programs are supported by international development finance loans,enabling low-cost ZET leasing for fleet operat

28、ors.These programs demonstrate that different forms of MaaS can be deployed in nascent ZET markets to lower the ZET market entry barrier for fleets.With government subsidies for ZETs and increasing private sector interest,India is in a prime position to utilize various financial solutions to sustain

29、 ZET market growth.4 By adapting global best practices for ZET financing to Indias unique market conditions,the country can build a thriving ZET market that offers both climate benefits and long-term business viability.rmi.org/7Unlocking Capital for Zero Emission TrucksAs fleets consider switching t

30、o ZETs,i cost competitiveness emerges as a primary concern.To sustainably drive the growth of the ZET industry,it is essential that these vehicles not only serve as zero-emission alternatives but also function as viable business solutions.In India,recent studies have shown that with no financial int

31、erventions,the up-front cost of ZETs can be two to six times that of their comparable diesel models,with the total cost of ownership being 20%30%higher over a seven-year timeframe.5The high up-front cost of ZETs and the investment needed for charging infrastructure and grid upgrades highlight the ne

32、ed to mobilize finance for market development.However,financial solutions for ZETs are currently either unavailable or come at higher costs.Unlike internal combustion engine trucks,which have been in the market for over 100 years,ZETs represent a new asset class that carries inherent investment risk

33、s for financiers.ZET-related risks include product risks,manufacturing risks,and risks for charging and grid infrastructure developers.6 Among them,the risks associated with ZET products directly affect ZETs ability to secure low-cost financing,which is the focus of the solutions presented in this p

34、aper.Introductioni.Zero-emission trucks(ZETs)are vehicles that produce no tailpipe emissions,typically powered by hydrogen fuel cells or electricity.Globally,and in initial pilot projects in India,electric trucks have emerged as the most widely adopted technology.Consequently,in this report,the term

35、“zero-emission trucks”predominantly refers to electric trucks unless stated otherwise.rmi.org/8Unlocking Capital for Zero Emission TrucksKey ZET product risks include:Technology Risks:Due to a lack of real-world data,consumers and investors share concerns about ZETs operational performance in meetin

36、g business needs,including their ability to complete deliveries on time without delays due to charging,the consistency of battery performance over the years,and the impact of reduced truck payload.Absence of Secondary Market:Since ZET is a new asset class,there is currently no active secondary marke

37、t.As a result,finding affordable used parts for maintenance is challenging,and selling the truck at a reasonable price in the secondary market to recoup its value is also difficult.Lack of Skilled Maintenance or Labor:Currently,less skilled labor is available in the ZET maintenance market than for d

38、iesel trucks,raising concerns about the timely repair and return of trucks to operations in case of a breakdown.Infrastructure Risks:The widespread charging and refueling infrastructure network for ZETs is still under development,leading to doubts among consumers and investors about the availability

39、 of charging or refueling when needed.Due to these perceived risks,commercial lenders are hesitant to provide low-cost financing for ZETs.Without further intervention,this creates a negative feedback loop,slowing the growth of the ZET market and allowing risks related to the lack of a used vehicle m

40、arket and real-world operational data to persist.Therefore,developing financial solutions to address these risks as the ZET market grows in India can effectively initiate and sustain market growth.In India,the ZET market has just taken off.Approximately 20 models with various battery capacities,rang

41、es,and payloads are already available in the Indian market.7 A growing number of electric truck pilots have been launched,with several others announced across the port,cement,mining,e-commerce,and highway corridor use cases.8 In September 2024,the Government of India announced the PM Electric Drive

42、Revolution in Innovative Vehicle Enhancement(PM E-DRIVE)Scheme,which allocated INR 500 crore(US$57,814,150)for the deployment of electric trucks in India.9 With increasing model availability,ongoing pilot programs,and government support,financing is now essential to solidify market incubation and en

43、sure steady ZET growth.Early development of financing solutions will help ensure the economic viability of the transition to ZETs and lay the foundation for a thriving ZET market in India.In the Comprehensive Guide to Financing the Zero-Emission Trucking Transition in India,RMI identified solutions

44、to initiate and sustain the ZET market in India:(a)financing tools that leverage private and public capital to invest in the ZET market;(b)specific business models for ZET ownership and operations that effectively manage and distribute risks;and(c)de-risking practices that work to address risk uncer

45、tainty stemming from technology,regulation,market demand,and supply chain disruptions.rmi.org/9Unlocking Capital for Zero Emission Trucksii.The term electric trucks is specifically called out here because it is the technology highlighted in the source statistic.Although financing solutions for suppo

46、rting ZET adoption in India have yet to be implemented on a large scale,they have proven effective in other regions,particularly in markets with higher ZET penetration.From 2020 to 2023,the newly registered electric trucks in China,Europe,and the United States together accounted for 95%of the total

47、new electric trucks sold globally.ii,10 Studying how financing solutions in these geographies have worked offers valuable best practices and a path forward for Indian policymakers and investors to leverage learnings to catalyze ZET market growth.This report highlights three impactful ZET finance sol

48、utions and illustrates their effectiveness through case studies from the three largest ZET markets:China,Europe,and the United States.Risk-sharing facilities,such as loan guarantees,boost investor confidence in providing commercial loans to finance ZETs.Mobility-as-a-service(MaaS)reduces up-front pu

49、rchase costs for fleets and lowers market entry barriers.ZET comprehensive insurance products can reduce insurance costs.Together,these tools lower ZET ownership costs,unlock affordable financing,and increase investors confidence in ZETs ability to generate revenue.The three solutions risk-sharing f

50、acilities,mobility-as-a-service,and insurance were chosen for several reasons.First,the three geographies studied provide concrete examples of how these tools can be designed and implemented in detail,offering actionable recommendations for India.Second,these tools provide market solutions for the p

51、roduct risks illustrated above.For example,insurance offers financial protection to truck operations and thus addresses the technology and maintenance risks.Under the MaaS model,charging and maintenance are managed by entities that are better positioned to manage infrastructure and maintenance risks

52、.Lastly,loan guarantees help distribute lenders liability by covering a share of their losses,ensuring that the risk of default is borne among multiple parties.Finally,these three tools directly improve capital accessibility,reducing the financial barriers to entering the ZET market and lowering ove

53、rall ownership costs.The following sections provide an overview of the ZET finance industry in selected global markets and examine specific finance solutions deployed in these regions.rmi.org/10Unlocking Capital for Zero Emission TrucksExhibit 1Overview of ZET financing landscape in the United State

54、s,Europe,and ChinaZET ManufacturingZET PurchaseCharging InfrastructureUnited StatesThe United States has several tax incentives,concessional loan programs,grants,and subsidies at the federal level to incentivize the manufacturing of ZETs.Tax incentives:Under the Inflation Reduction Act,the Advanced

55、Manufacturing Production Tax Credit(Section 45X)offers tax benefits for domestic battery manufacturing.12 Loan programs:Under the Advanced Technology Vehicles Manufacturing Loan Program,US$3 billion of credit subsidies are being offered to electric vehicle manufacturing,iii which has the potential t

56、o unlock US$40 billion in loans.13 Grants:The Domestic Automotive Manufacturing Conversion Grants program includes US$2 billion of grants to fund electric vehicle manufacturing in the United States.With different policy details across states,purchase subsidies and tax benefits for ZETs are offered a

57、t the state and federal levels.Commercial loans are available for ZET purchase,with California being the only state that is currently offering loan guarantees for ZET commercial loans.Leasing is also a popular option offered by several mobility-as-a-service providers in the market,such as Zeem and F

58、orum Mobility.The United States provides subsidies and tax incentives for charging infrastructure projects,particularly along major freight corridors,through initiatives like the Bipartisan Infrastructure Act and the Inflation Reduction Act.The Loan Program Office(LPO)also offers concessional loans

59、and loan guarantees for charging infrastructure investments.On the state level,subsidy programs like Energy Infrastructure Incentives for Zero-Emission(EnergIIZE)Commercial Vehicles in California cover 50%75%of the total charging infrastructure costs.14iii.Credit subsidy cost refers to the present v

60、alue of cash flows from the government minus the present value of cash flows to the government in a loan agreement,which can be generally understood as the“cost of a loan to the government.”See https:/www.energy.gov/lpo/credit-subsidy for details.Overview of ZET Finance Landscape in Key Global Marke

61、tsUnited States,China,and Europe account for 95%of global electric truck sales.In 2024,more than 90%of the ZET models in the market were manufactured in these three regions,11 showcasing their significant role in both ZET supply and demand.Finance has played a crucial role in kick-starting and growi

62、ng the sector.Government grants and subsidies,tax incentives,public and private finance,and innovative business models have been actively utilized in all three regions.Additional support mechanisms,such as workforce training,demand aggregation,and after-market services,have further strengthened the

63、ZET market.These financial tools have incentivized domestic ZET manufacturing,ZET purchases,and investment in charging infrastructure,as summarized in Exhibit 1 below.rmi.org/11Unlocking Capital for Zero Emission TrucksExhibit 1Overview of ZET financing landscape in the United States,Europe,and Chin

64、a(continued)Insights into global best practices for ZET financing in these geographies can help promote knowledge sharing,build market confidence in ZET products and financing solutions,and ultimately accelerate the adoption of ZETs.Additionally,understanding the unique market conditions and regulat

65、ory environment in India is crucial for successfully implementing these tools within the Indian context.In the following sections,we will explore how financing solutions are applied in other regions and what lessons they offer for India.ZET ManufacturingZET PurchaseCharging InfrastructureEuropeThe E

66、uropean Investment Bank(EIB)has been providing concessional loans for ZET research and development(R&D)as well as manufacturing within Europe.In addition,the EUs Green Deal Industrial Plan seeks to boost the competitiveness of Europes net-zero industry,including the ZET sector.The plan introduces me

67、asures such as simplifying permitting processes,providing workforce training,and unlocking existing funds to support ZET manufacturing.15 Similar to the United States,ZETs in Europe are primarily financed through a combination of leases,grants,and incentives,as well as loans from development finance

68、 institutions or commercial banks.For example,the Netherlands offers purchase subsidies for ZETs through the Purchase Grant for Zero-Emission Trucks(AanZET)program,which had a budget of 45 million(US$46,837,432)in 2024.16 The European Commission has dedicated funding to support ZET charging infrastr

69、ucture investment.In addition,development finance banks also offer concessional loans for developing public charging networks.On the country-level,Norways development agency Enova offers subsidies that cover up to 80%of ZET charging infrastructure costs.17 ChinaChina provides a range of policies at

70、both national and subnational levels to promote ZET manufacturing.These include R&D funding,tax benefits,concessional loans,and access to low-cost land.For instance,eligible battery and truck manufacturers benefit from a reduced corporate income tax rate of 15%,compared to the standard 25%.18State-o

71、wned banks in China are instrumental in financing ZET manufacturing,covering activities such as raw material mining,battery production,and manufacturing business expansion.China has been offering direct subsidies to ZET purchases at both national and subnational levels in the past decade,which have

72、been gradually phased out.19For ZET-related financial services and products,the key market players in China include state-owned and privately owned commercial banks(such as China Construction Bank),OEM-owned auto finance firms(such as BYD auto finance),and independent non-banking financial instituti

73、ons(such as Lionbridge Leasing).At the city and provincial levels,China is offering a range of fiscal incentives,including direct subsidies and low-cost land,to support the development of charging infrastructure.Some of these incentives are aimed explicitly at the deployment of battery-swapping stat

74、ions.RMI graphic.rmi.org/12Unlocking Capital for Zero Emission TrucksRisk-Sharing FacilitiesRisk-sharing facilities can enhance a borrowers creditworthiness and reduce lender losses related to loan default.A loan guarantee is a common form of risk-sharing facility that covers a certain portion of lo

75、sses in the event of a loan default.Loan guarantees can be designed for both ZET purchases and infrastructure investments.In global markets,loan guarantees are often supported by grants or concessional lending from public entities such as multinational banks or government agencies.A loan guarantee c

76、an be a win-win for both lenders and borrowers in the emerging ZET market,enabling ZET operators to access low-cost financing while mitigating the product and technology risks for first-mover lenders investing in this nascent technology.CASE STUDYCalifornias Zero-Emission Truck Loan Pilot ProjectCal

77、ifornia is a leading state in the transition to zero-emission trucks in the United States.The state has been the first in the country to set a target to achieve 100%ZETs in 2040,as well as the first state to mandate a certain percentage of trucks manufactured to be zero-emissions through the Advance

78、d Clean Truck rule.20 In order to achieve these targets,the state government has a series of enabling measures,including vehicle and infrastructure subsidies.21 In May 2024,California launched a pioneering Zero-Emission Truck Loan Pilot Project,which is a first-loss loan guarantee program that aims

79、to de-risk and incentivize private lending for ZETs in the state.The California Zero-Emission Truck Loan Pilot Project includes three separate and parallel loan guarantee programs that share a similar structure but focus on slightly differing parts of the ZET ecosystem.The program is administered by

80、 the California Pollution Control Financing Authority.22 Exhibit 2 on page 13 summarizes the loan guarantee contributor,contributing amount,and the focus area of the three programs.Leveraging Global Insights on Financing ZETsrmi.org/13Unlocking Capital for Zero Emission TrucksExhibit 2Summary of the

81、 three loan guarantee programs under the California Zero-Emission Loan Pilot ProjectLoan Guarantee ContributorTypeTotal Contributing AmountLoan Guarantee Focus AreaApplicable RegionCalifornia Air Resources Board(CARB)Government agencyUS$5 millionZero-emission trucking purchaseCaliforniaCalifornia En

82、ergy Commission(CEC)Government agencyUS$5 millionCharging and refueling infrastructureCaliforniaSouthern California Edison(SCE)Investor-owned utilityUS$20 millionVehicle purchase and infrastructure developmentUtility service regionExhibit 3Overview of the California Zero-Emission Truck Loan Pilot Pr

83、ojectRMI graphic.Source:California Pollution Control Financing Authority.23 Note:The three loan guarantee programs have different eligibility for enrollment,as listed on CalCAPs website.24 One loan can only be enrolled in one of the three programs.Lenders can choose what program to submit the applic

84、ation to if they qualify for more than one program.RMI graphic.Source:California Pollution Control Financing Authority25 Program AdministratorCalifornia Pollution Control Financing AuthorityLoan Guarantee ContributorsCARB,CEC,or SCELendersFinancial InstitutionsLenders Loan Loss Reserve AccountBorrow

85、ersSmall Fleet Operators and Charging Infrastructure Developers that Meet Elgibility CriteriaManages the Loan Guarantee ProgramContributed 25%of the loan amountApplies for loansProvides afforable financingReceive up to 100%of the loan loss in case of a default,depending on fund availability at the l

86、oan loss accountrmi.org/14Unlocking Capital for Zero Emission TrucksThis ZET loan guarantee program includes four key actors:loan guarantee contributors,participating lenders,borrowers,and the program administrator,the California Pollution Control Financing Authority.Loan guarantee contributors,as s

87、ummarized above,are state agencies or utility companies that contribute funding to the loan guarantee account.Participating lenders refer to financial institutions involved in the loan guarantee program.Borrowers are typically fleets,leasing companies,or charging infrastructure providers that apply

88、for loans from the lenders.26 Exhibit 3 shows how these stakeholders work together to implement the loan guarantee program.Based on the focus area of the loan,each loan is covered by one of the three programs,as highlighted in Exhibit 2.Under the loan guarantee program,a loan loss reserve account is

89、 established for each participating lender.For every eligible loan made by the participating lender,the corresponding contributor(either CARB,CEC,or SCE)allocates 25%of the loan amount to the lenders loan loss account.Over time,the loan loss account accumulates contributions related to all loans mad

90、e by the lender,with each contribution being 25%of the respective loan amount.If a loan defaults,the lender can cover up to 100%of the loan losses during the term of the enrollment period using funds from the accumulated loan loss reserve,provided sufficient funds are available in the reserve accoun

91、t.If no default claim is made,the contribution remains in the lenders loan loss account.The interest rate on loans provided under these programs is capped at 20%.For example,a fleet operator in Southern California wants to borrow US$1 million from a local bank to purchase electric trucks.Assuming th

92、e bank is eligible for loan guarantees under the SCE-funded program,SCE will dedicate US$250,000(25%of the loan amount)to a loan loss account associated with this bank.If the bank grants three additional loans to ZET fleets of the same amount,and none of the four loans default,the banks loan loss ac

93、count will grow to US$1 million.If the bank continues to offer loans to ZET fleets,and one fleet can only repay 50%of its loan,the bank can recover the remaining 50%from this account,up to the accumulated US$1 million balance available in this example.This lender-specific loan loss account,with an u

94、pper cap that equals 25%of the total loan value,acts as a safeguard to ensure that lenders continue to perform proper lending due diligence.It is worth mentioning that this program is designed to encourage smaller fleet operators and infrastructure developers to secure affordable financing for their

95、 ZET projects,given that they are more sensitive to ZET ownership and operation risks compared to larger companies.For example,the loan guarantee program contributed by CARB and CEC only applies to fleets with up to 20 vehicles.The Southern California Edison loan program,which covers its utility ser

96、vice area,does not apply to Fortune 1000 companies.This program is designed to encourage smaller fleet operators and infrastructure developers to secure affordable financing for their ZET projects,given that they are more sensitive to ZET ownership and operation risks compared to larger companies.rm

97、i.org/15Unlocking Capital for Zero Emission TrucksCalifornia has a history of leveraging innovative financing tools to decarbonize its freight sector.The former Truck Loan Assistance Program has unlocked US$3.2 billion in financing,financed more than 45,000 cleaner diesel trucks,and supported over 4

98、3,000 bank loans in 13 years.27 As a continuation of an existing program,the newly launched zero-emission trucking loan guarantee has the potential to unlock financing for small-and medium-sized enterprises seeking to enter the ZET market.As of December 2024,four financial institutions have agreed t

99、o join the program to start offering loans to ZETs in California.The program can also be combined with other state and federal ZET incentives wherever the regulation allows,collectively helping to de-risk ZET investments and stimulate market growth.California has the most comprehensive government-ba

100、cked loan guarantee program dedicated to ZETs in the world.Several other geographies also offer loan guarantees for electric vehicles,including the ZET segment.For example,the European Investment Bank issues loan guarantees along with concessional loans to ZET manufacturers.28Applying Lessons Learne

101、d for the Indian Market India has already started to pilot loan guarantee programs for other electric vehicle segments.In 2023,the Small Industries Development Bank of India(SIDBI)and the Shell Foundation announced a US$6 million risk-sharing facility to improve access to finance for electric two an

102、d three-wheelers.This demonstrates that India possesses the expertise and has recognized the benefits of using risk-sharing facilities to de-risk lending for electric vehicles.Additionally,the country has the potential to expand this approach to other vehicle segments.The California Zero-Emission Tr

103、uck Loan Pilot Project can inform how a similar risk-sharing program can be developed for the trucking sector in India.Key learnings generated from this case study include:Public entities,such as international and domestic development finance institutions,multinational development banks,and governme

104、nt ministries,are potential contributors to ZET loan guarantee programs in India.These entities have historically initiated or participated in risk-sharing programs for other emerging technologies.Public entities can accelerate ZET financing by absorbing part of the lending-related risks of ZETs unt

105、il borrowing becomes as affordable as diesel truck loans.Loan guarantee products can be designed to cover different asset types,including ZET manufacturing,purchases,and charging infrastructure deployment.These loan guarantee products should be stackable with other financing solutions,such as grants

106、 or tax incentives for ZET purchases or infrastructure investment.Californias historic loan guarantee program for cleaner diesel trucks,as well as the new ZET loan guarantee program,show that risk-sharing facilities can act as an effective catalytic tool to build commercial financiers confidence in

107、the sector and unlock the potential of private investment.rmi.org/16Unlocking Capital for Zero Emission TrucksThe design of a loan guarantee program,such as types and percentages of coverages,is dependent on a variety of factors.These factors include the financial conditions and budget allocations o

108、f the loan guarantee contributor,the creditworthiness of the borrower,the maturity of the ZET market,etc.Detailed recommendations around how risk-sharing facilities can be designed for the Indian ZET market can be found in RMI and Electric Mobility Financiers Association of India(EMFAI)s publication

109、 Financing Indias First 10,000 Zero-Emission Trucks.29 ZET Insurance ProductsTruck insurance,which provides protection against unforeseen events,is a key component of overall truck ownership costs.However,insurance products for ZETs are either unavailable or more expensive than those for diesel truc

110、ks because of the following reasons:Lack of Historical Data:Insurance premiums are typically based on historical risk data.Since ZETs are a new product,they do not yet have key data points that can be used to calculate the likelihood of certain future events,thereby increasing the challenges of desi

111、gning ZET insurance products.Higher Repair Costs:In the event of an accident,the repair costs for ZETs can be higher than those for diesel trucks due to limited affordable parts from the used vehicle market and a lack of skilled labor.Different Coverage Needs:ZET insurance may require coverage for i

112、ssues unique to electric vehicles,such as battery damage,charging-related accidents or delays,and ZET-specific vehicle maintenance and repairs.As ZETs increasingly enter global markets,developing insurance products tailored to these vehicles is crucial.ZET-specific insurance solutions will not only

113、create new business opportunities for the insurance industry but also help de-risk ZET investments for both investors and consumers.Communication and collaboration among OEMs,insurance companies,fleets,and banks around ZET cost,residual value,fleet performance,etc.,can help initiate pilot insurance

114、products for ZETs.Several geographies are experimenting with innovative solutions to improve information transparency in the ZET insurance ecosystem and,therefore,make insurance products available to ZET consumers.The section below explains how public and private stakeholders in China approach chall

115、enges related to the ZET insurance market.rmi.org/17Unlocking Capital for Zero Emission TrucksCASE STUDYChinas Solutions to Develop a Sustainable ZET Insurance MarketChina has seen rapid growth in ZETs in recent years due to strong government financial support.However,recent stakeholder interviews h

116、ave shown that high insurance costs are making ZETs less financially favorable,nearly offsetting the savings on fuel costs.30 Insurance costs for ZETs in China are,on average,80%higher than the insurance costs for diesel trucks.31 Consumers also expressed concerns about the prolonged timeline for in

117、surance approval and the increased likelihood of insurance rejection during renewal.Meanwhile,insurance companies have reported that ZET insurance is a loss-making business due to the higher number of claims compared to diesel trucks,driven by drivers lack of familiarity with the technology and high

118、er repair costs of specific ZET components.32 This leads to insurance companies reduced willingness to offer coverage to ZET owners.Public and private stakeholders in China have recognized how these challenges can hinder faster ZET adoption and have implemented several measures to address challenges

119、 related to ZET insurance.Exhibit 4 below summarizes the solutions introduced in this paper and how they address issues faced by the ZET insurance ecosystem.rmi.org/18Unlocking Capital for Zero Emission TrucksExhibit 4Overview of challenges and solutions in Chinas ZET insurance ecosystemOn the regul

120、atory side,the National Financial Regulatory Administration issued a rule in January 2024 that prohibits insurance companies from rejecting liability insurance applications from electric vehicle owners.Liability insurance is mandatory in China for any vehicle to operate on the road.In addition,the N

121、ational Financial Regulatory Administration has several policies in place to regulate the insurance premium pricing mechanism for electric vehicles,including ZETs.Commercial vehicle insurance in China is typically priced based on the formula shown in Exhibit 5.RMI graphic.Source:RMI analysisMore Pro

122、of Points on ZET PerformanceRegulations banning insurance companies from denying liability insurance applicationsLower Insurance CostAbility to Reasonably Price ZET Insurance PremiumsPolicies regulating the electric vehicle insurance pricing formulaImproved Chance of Insurance ApprovalTurning ZET In

123、surance into a Profitable BusinessFleets and customers building driver behavior database using telematics data to inform insurance pricingOems offering e-truck purchase Packages that include discounted insurance and battery warrantyExpedited Application TimelinesOutcomes on the ZET Insurance Ecosyst

124、emINSURERSFLEETSSolutions to Address ZET Insurance Challenges in Chinarmi.org/19Unlocking Capital for Zero Emission TrucksRMI graphic.Source:RMI analysisExhibit 5Vehicle insurance premium pricing formula in ChinaThe pricing formula has several key components:The base fare is a fixed fee determined b

125、y the Insurance Association of China.The fare adjustment multiplier accounts for miscellaneous fees charged by the insurance companies,such as service fees,taxes,expected revenue,etc.The no-claim discount is based on previous claims filed by the insurance holder.The fewer previous claims there are,t

126、he lower the insurance premium will be.The insurance company sets the self-determined pricing coefficient,usually based on the companys business strategies.The pricing formula indicates that insurance companies have the greatest flexibility in adjusting the fare multiplier and self-determined pricin

127、g coefficient.Therefore,Chinas policies regulate how insurance companies can set these two values for electric vehicles,including ZETs.According to a policy issued in 2021,the pricing formula caps the fare adjustment multiplier at 25%for diesel vehicles and 15%for electric vehicles.A lower fare adju

128、stment multiplier for electric vehicles indicates lower insurance premiums.A subsequent rule introduced in 2024 revised the self-determined pricing coefficient range from 0.651.35 to 0.51.5.This change gives insurance companies greater flexibility in setting precise premiums based on risk factors an

129、d financial conditions.Furthermore,Chinas insurance pricing policy also includes dedicated sections that promote the refinement of insurance pricing algorithms on an ongoing basis,leveraging real-world data to better reflect the actual risks associated with electric vehicle operations.Insurance Prem

130、iumNo-Claim DiscountDriving History CoefficientBase Fare1Fare Adjustment Multiplier*Capped at 25%for diesel vehicles and 15%for electric vehiclesSelf-Determined Pricing Coefficient*Adjusted from 0.651.35 to 0.51.5 for electric vehiclesSet by the Insurance Association of ChinaInfluenced by vehicle an

131、d driving conditionsDetermined by insurance companiesrmi.org/20Unlocking Capital for Zero Emission TrucksThese regulations aim to improve the availability of ZET insurance products at reasonable prices while enabling insurance companies to make ZET insurance a viable business by providing them with

132、more flexibility in designing informed pricing strategies.In the long term,as more ZETs enter the market,insurance companies will be able to develop competitive insurance products tailored specifically to these vehicles,drawing on risk assessments based on vehicle performance data.In the private sec

133、tor,fleets,OEMs,and insurance companies are also exploring innovative solutions.Compared to diesel trucks,ZETs usually have more telematics data.Fleets in China are collaborating with demand-side customers to build online databases that track ZET driver behavior to better inform insurance pricing st

134、rategy.33 On the OEM side,manufacturers like China FAW Group Corp provide packages that include the purchase of the ZET itself,three years of insurance at a reduced price,included maintenance services,and a five-year battery warranty.34 The development of ZET insurance products and databases has mad

135、e these insurance options more affordable and accessible.These measures provide ZET operators with protection against operational risks,unexpected repair costs,and asset downtime,ensuring greater reliability and efficiency.In addition to China,other geographies are also exploring solutions to improv

136、e ZET insurance product availability and lower insurance premiums.The text box below shows one example from the United States.Californias Assembly Bill 844 is a rule for ZET insurance that requires the Department of Insurance,a California state agency,to develop an online public tool with available

137、ZET insurance options.35 It also mandates the Department of Insurance to develop a comprehensive strategy that covers landscape assessment of ZET-specific insurance and addresses any gaps.This includes consideration for establishing a risk pool and other tools to offer insurance to ZET owners who ar

138、e unable to find insurance in the private market.iv The strategy will be used to improve the availability of ZET insurance in the state to achieve its zero-emission trucking targets.Box 1Californias Assembly Bill on ZET insuranceiv.Risk pool refers to a group of insurance holders who share similar r

139、isk features,usually identified by insurance companies as high risks.Existing risk pools for auto insurance in California,such as the California Automobile Assigned Risk Plan,ensure that all insurance companies charge the same rates(higher than standard rates)for high-risk auto insurance holders.Thi

140、s rule explores the possibilities of establishing a similar risk pool for ZET insurance.rmi.org/21Unlocking Capital for Zero Emission TrucksApplying Lessons Learned for the Indian Market In India,there are two main types of auto insurance:third-party insurance and comprehensive insurance.The Exhibit

141、 6 summarizes the differences between these two insurance types.Exhibit 6Summary of key types of auto insurance in IndiaTypeCoveragePremium RatesRequirementDiscounts for EVs?Third-party InsuranceInsurance that covers costs incurred from damages or liabilities caused by the insured vehicle to a third

142、 party36 Rates determined by the Insurance Regulatory and Development Authority of India(IRDAI)based on vehicle typeMandatory for any vehicle to operate on the roadYes,15%Comprehensive InsuranceUsually covers third-party damage as well asdamage or injury related to the insured vehicle and driverDete

143、rmined by individual insurance companies based on the model,use case,vehicle age,number of past claims,driver information,etc.Optional but purchased by most fleetsNoFor all electric vehicles,including ZETs,IRDAI has set a 15%discount for the third-party liability insurance premium rates.37 Exhibit 7

144、 summarizes the FY2324 third-party annual insurance rates for electric and non-electric commercial vehicles.Exhibit 7Third-party insurance premium rates for ZETs and ICE trucksGross Vehicle WeightZET Annual Rates (INR)ICE Truck Annual Rates(INR)40,000 kg37,60644,242RMI graphic.Source:Insurance Regul

145、atory and Development Authority of India(IRDAI)38 RMI graphic.rmi.org/22Unlocking Capital for Zero Emission TrucksThis policy greatly improves the affordability of third-party insurance for ZET owners.For comprehensive insurance,which is typically more costly and is closely related to the residual v

146、alue,repair costs,and asset risks of ZETs,the global examples discussed above can potentially offer several learnings for India.Key action items recommended for different stakeholders are summarized Exhibit 8.Exhibit 8Recommended actions for stakeholders in India to create a sustainable ZET insuranc

147、e marketRMI graphic.Source:RMI analysisConcerted efforts by OEMs,fleets,insurers,and the government can collectively foster a supportive environment for the ZET insurance industry to thrive in India.Over time,ZET insurance can evolve into a viable business for insurers and an affordable option for f

148、leets.TypeCoverageZET OEMsIncrease information transparency around e-truck technology and performance Issue extended battery warrantyPilot bundled offers that include both vehicle and insurance at the time of truck purchaseStandardize ZET components to ease repair burdensFleetsUtilize the data benef

149、its of e-trucks to better track truck real-world battery and fuel efficiency performance,operational schedule,driving behaviour,etc.Provide driver training programs to familiarize drivers with ZET operationsInsurance CompaniesImprove insurance premium pricing strategy for ZET insurance based on real

150、-world operational data to offer competitive productsDevelop workforce with specialized knowledge on ZET insurance productsDevelop insurance products specifically designed for ZET batteriesInsurance Regulatory and Development Authority of India(IRDAI)Dedicate resources to understand the commercial i

151、nsurance landscape for e-trucks,including costs,available products,key market gaps,etc.and create corresponding guidelines for the industryOffer to defray or provide incentives for commercial e-truck insuranceEncourage the collection of ZET-specific performance data to help insurers better assess ZE

152、T-related risks rmi.org/23Unlocking Capital for Zero Emission TrucksMobility-as-a-ServiceZET leasing is a business strategy that effectively allocates ZET-related risks to the parties that are better equipped to manage them.Compared to purchasing trucks outright,leasing enables fleets to operate veh

153、icles within a specified contract period while making regular payments to the lessor.Fleets can purchase the truck at the end of the lease term or return it to the lessor.Truck leasing is often bundled with additional services,such as access to charging infrastructure,electrification planning,and ma

154、intenance services,collectively referred to as mobility-as-a-service(MaaS).This business model addresses several critical challenges for fleets considering entry into the ZET market,including high up-front costs,uncertainties regarding charging infrastructure availability,and limited knowledge of ZE

155、T operations and maintenance.Therefore,MaaS is an effective business measure to kick-start the ZET industry,helping to overcome market entry barriers for fleets.The following sections provide several examples of how MaaS,with various funding sources and operational models,has been implemented across

156、 the world.In the three regions analyzed,MaaS,provided by OEMs,specialized MaaS providers,and truck rental companies,has emerged as a widely adopted business model in the ZET industry,with the market showing steady growth.CASE STUDYUnited States Grants to Support an Affordable Drayage Truck Leasing

157、ProgramIn recent years,several MaaS companies focused on ZETs have emerged in the United States.At the same time,truck manufacturers and conventional truck rental companies have begun offering MaaS solutions as well.In October 2024,a new collaborative MaaS partnership supported by the United States

158、Environmental Protection Agencys National Clean Investment Fund was announced,as summarized in Exhibit 9 on page 24.The federal funding is managed by Climate United,a nonprofit organization that has committed to spend US$250 million to procure 500 drayage ZETs for port applications.39 In partnership

159、 with a MaaS company,Forum Mobility,Climate United will provide vehicle leasing and charging services to fleet operators at lower than market rates,with preferences for smaller fleets.rmi.org/24Unlocking Capital for Zero Emission TrucksExhibit 9Summary of the United States Drayage Truck Leasing Prog

160、ramRMI graphic.Source:Climate United40This innovative model shifts the perceived ZET technology,charging planning,and residual value risks from small fleets to a dedicated third party that is better positioned to manage and mitigate risks with strong government funding support.This model focuses ent

161、irely on the port drayage truck segment,which is a major truck use case in the United States.One challenge in the commercial vehicle leasing sector is that different applications require different models,making it challenging to re-lease a vehicle to the next customer.However,this MaaS model enables

162、 used vehicles to be effectively repurposed for the next customer in the port drayage segment.CASE STUDY Flexible ZET Leasing:Europes Pay-Per-Use Model in Action Leasing has been a dominant business model in Europes passenger vehicle segment.Half of the new cars in Europe are leased to customers,and

163、 the top seven leasing companies account for around a third of the new car sales.41 Similarly,in the commercial vehicle segment,Europe has seen an increasing number of partnerships among fleets,OEMs,and leasing service providers to expand their businesses into the ZET mobility-as-a-service industry.

164、One innovative model in the EUs MaaS ecosystem is the pay-per-use model.Juna,a joint venture between truck manufacturer Scania and digital freight forwarder provider Sennder,offers a flexible ZET lease pricing strategy based on the actual kilometers driven.Junas ZET services also include charging pl

165、anning,insurance,maintenance,and guaranteed truck utilization through load contracts from Sennders logistics platform.42 This pay-per-use model,along with comprehensive ZET operation solutions,offers fleets unsure about ZETs an easy opportunity to try them without bearing the burden of truck purchas

166、e costs,fixed-term lease contracts,or infrastructure planning.Federal AgencyEnvironmental Protection AgencyFederal Funding ManagerClimate UnitedClass 8 Electric Truck ManufacturersMobility-as-a-Service ProviderForum MobilityFleetsDedicated US$250M to purchase 500 trucksProvides charging as a service

167、Lease e-trucks at lower costsGrants from the National Clean Investment Fundrmi.org/25Unlocking Capital for Zero Emission TrucksExhibit 10Summary of the EU pay-per-use MaaS modelRMI graphic.Source:Juna43Mobility-as-a-Service Provider JunaExisting Public Charging NetworkDigital Freight Forwarder that

168、Builds a Network of Shippers and CarriersSennderOEMScaniaFleetsCharging serviceLease trucks based on the pay-per-use model,with guaranteed load and charging accessProvide trucksGuaranteed loadrmi.org/26Unlocking Capital for Zero Emission TrucksCASE STUDYChina Supports Loans from Development MaaS Fin

169、ance InstitutionsIn China,MaaS is mainly offered by OEM-owned financial firms and dedicated leasing companies.One commercial vehicle leasing platform,Lionbridge,has raised funding to support its MaaS businesses through international development finance institutions.For example,in 2022,the Asian Infr

170、astructure Investment Bank(AIIB)provided a US$60 million loan to Lionbridge to procure 3,000 to 3,200 electric logistics vehicles,which would be leased to its customers.44 Lionbridge has also received US$10 million from Proparco,and US$20 million from the International Finance Corporation.45,46 Lion

171、bridge adopts a financial leasing model,which offers fleets the option to purchase trucks at the end of the loan term.The low-cost financing from international development finance institutions unlocks opportunities for MaaS providers to kick-start their ZET leasing businesses,which enables consumers

172、 to operate ZETs without bearing the high up-front cost.Applying Lessons Learned for the Indian Market The global examples of MaaS business models introduced in this section demonstrate that MaaS can take various forms in India.MaaS services can be provided by truck rental companies,third-party logi

173、stics companies,OEMs,affiliated finance companies,or specialized MaaS firms focused on electric vehicles.MaaS services may include truck leasing,electrification planning,access to charging and parking,and connections with customers to ensure guaranteed truck utilization.MaaS can also involve partner

174、ships with charging service providers or logistics companies to offer comprehensive ZET solutions.Government grants or concessional loans from multilateral or domestic development banks can be used to kick-start the MaaS industry,building upon examples from the United States and China.The leasing pl

175、atform can be designed to cater to specific applications,especially early adopting applications,such as the US Climate United drayage truck MaaS program,or to a broader range of customers.The first option ensures that a used truck can be effectively re-leased to the next customer,given the similarit

176、y in their operational requirements,while the second option expands the customer base,offering more flexibility.rmi.org/27Unlocking Capital for Zero Emission TrucksThis report examines three financial solutions risk-sharing facilities,ZET insurance products,and mobility-as-a-service implemented in g

177、lobal markets to mobilize capital and support ZET market growth.Case studies from China,the United States,and Europe demonstrate how these tools attract capital,distribute risk,and enhance ZET operability.The examples highlight loan guarantee programs that improve the accessibility and affordability

178、 of ZET financing,public-private initiatives that lower the cost of ZET insurance,and how MaaS reduces market entry barriers for fleets.By leveraging global examples,public and private actors in India can strategically design financial solutions that play a transformative role in creating a more fav

179、orable lending environment and unlocking greater capital flows to ZETs.Conclusionrmi.org/28Unlocking Capital for Zero Emission TrucksExhibit 11Recommended actions for Indian stakeholders to adopt global best practices in ZET financeRisk-Sharing FacilitiesInsuranceMobility-as-a-ServiceGovernment Mini

180、striesAllocate funding to develop the first government-backed loan guarantee program for ZETs in IndiaThe IRDAI should develop comprehensive guidelines on ZET-specific insurance products as well as incentives that lower comprehensive insurance rates for ZETsProvide fiscal incentives such as subsidie

181、s or tax breaks to MaaS providersMultilateral Development BanksDevelop risk-sharing facilities for ZETs in IndiaLess applicableLess applicableFleetsLess applicableProvide driver training programs to decrease ZET operational risks;collect ZET performance data to inform insurance pricing strategy bett

182、erLess applicableOEMsProvide battery warrantyLess applicablePartner with MaaS providers to offer leasing service;provide battery warranty for ZETsCharging Infrastructure ProvidersLess applicableLess applicablePartner with MaaS providers to provide charging servicesInsurersEnsure ZET insurance produc

183、ts with reasonable pricing are availableDedicate resources to understanding ZET operations and developing a better data-informed ZET insurance premium pricing strategyProvide ZET-specific insurance products to MaaS companiesRMI graphic.Source:RMI analysis.As Indias ZET market expands,adopting lesson

184、s from these regions can strengthen the financial viability of ZETs,enhance access to affordable financing,and reduce entry barriers for fleet operators.With the right financial tools,India can accelerate the adoption of ZETs,demonstrating its potential to deliver both significant environmental bene

185、fits and sustained economic returns,paving the way for a cleaner and more resilient transportation future.In particular,this report offers the following recommendations for key stakeholders in India to adopt global best practices in financing the transition to ZETs:rmi.org/29Unlocking Capital for Ze

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211、roject-detail/SII/41378/lionbridge-green.RMI values collaboration and aims to accelerate the energy transition through sharing knowledge and insights.We therefore allow interested parties to reference,share,and cite our work through the Creative Commons CC BY-SA 4.0 license.https:/creativecommons.or

212、g/licenses/by-sa/4.0/.RMI Innovation Center22830 Two Rivers RoadBasalt,CO 81621 USAwww.rmi.orgFebruary 2025.All rights reserved.Rocky Mountain Institute and RMI are registered trademarks.Unlocking Capital for Zero Emission Trucks:Case Studies from Global Markets,RMI,February 2025,https:/rmi.org/insight/unlocking-capital-for-zero-emission-trucks.