The Engineering Development Board (EDB) has granted 34 licences to manufacturers of two- and three-wheelers under the Electric Vehicles Policy for 2020-2025, as part of the transition from traditional fuel-powered automobiles to EVs.
Pakistan’s Electric Vehicle
At the same time, private partners are entering the EV manufacturing space, according to Asim Ayaz, a senior EDB official, who spoke at a webinar on “Pakistan’s electric vehicle market: challenges, opportunities, and the 2030 agenda” at the Sustainable Development Policy Institute.
Mr Ayaz stated that the most pressing issue was a lack of financing for customers, as EVs were more expensive than gasoline-powered vehicles due to the high cost of batteries.
He stated that the ministry had proposed that each petrol station include an EV charging station.
“The ministry has compared the National EV Policy with Malaysia’s and found that it is good in tariff. But we lack funding streams and financing solutions.
The ministry is closely working with the Lahore University of Management Sciences (Lums) and other industry partners for the adoption of EVs.”
Dr. Arshad, a LUMS professor, emphasised that significant funding was available for EVs on a global scale, and that the government would not need to rely on the IMF or World Bank for financing because the global community prefers EVs as a means of reducing carbon emissions rather than economic development.
“Pakistan can tap that money by linking its EV transition ambition with GHG emissions, aligning it with GHG reduction perspective,” said Dr Arshad.
Adding that global climate finance might be administered through a competitive procedure that would favor only well-planned and superior projects. “The faster we go, the faster we will reach our goal,” he concluded.
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