Daily Shorts: Indian cities to get 10,000 e-buses, HSBC allocates $1 bn for climate tech and more
India and the US will collaborate to deploy 10,000 made-in-India electric buses across Indian cities as part of their co-operation agreements. Under the agreement, US government agencies such as USAID and others will partner with public and private-sector entities to accelerate electric bus financing. The project will also offer a new payment mechanism that the US embassy said would "accelerate new and more sustainable investments by lowering financial risks."
Ola Electric will file regulatory papers for an IPO in India before the end of October, and embark on roadshows to drum up investor interest in January or February next year, Reuters reported, citing three sources who it did not identify. The agency reports an email sent to bankers as well as lawyers asked recipients to give "utmost priority" to a five-week deadline set by the company. Ola Electric is a leader in India's e-two-wheelers market with a 30 percent market share. Full story.
HSBC Holdings announced it would allocate $1 billion for loans to emerging climate-tech companies around the world. The funds will mainly look at start-ups in EV charging, battery storage, sustainable food and agriculture and carbon removal technologies, the bank said. HSBC also said it would invest $100 million in Breakthrough Energy Catalyst, a venture that looks at emerging clean-energy technologies for financing and investment.
Billionaire Michael Bloomberg said he would pump $500 million to shut down coal power plants in the US and half the country's gas-fired capacity. Bloomberg, a former mayor of New York City, said his initiative would work with US state and local organizations to close almost 150 coal plants that are still operating, and block construction of new gas-fired plants, among other things. He had already spent $500 million on a similar initiative that helped retire 60 percent of US coal plants by 2020.
France has published new criteria for EV incentives and the rules could end up excluding vehicles made in China. Starting December 15, the country's incentive scheme will consider carbon emitted during the manufacturing process, a move expected to hamper Chinese manufactures who rely on power from coal. France spends €1 billion a year offering buyers €5,000-7,000 in cash incentives for eligible EVs, but the government is worried it might be subsidizing Chinese carmakers in the process.