Govt to Launch Rs 4b EV Scheme In Pakistan

In a significant move towards environmental sustainability, the government is set to launch a Rs4 billion package under its proposed Electric Vehicle (EV) Policy. This initiative aims to introduce 42,000 electric vehicles, including 40,000 two-wheelers and 2,000 three-wheelers, to modify Pakistan’s transport system. The Pakistan EV scheme will be announced in the upcoming federal budget. It is designed to make electric vehicles accessible to a broader segment of the population through subsidized loans.

According to the latest reports, 25% of the electric vehicles are reserved for women, with the remaining 75% allocated for general use. To make the shift to electric vehicles easier, the government will offer loans between Rs250,000 and Rs1 million, at an interest rate of KIBOR plus 3%. Moreover, banks will pass on the same rate to consumers as a subsidy, allowing more people to participate in this green revolution.

Key Features of the EV Scheme

The government formed a steering committee to oversee the implementation of this policy. Recently, a meeting took place to review and fine-tune the proposed ideas. The committee’s priority is to create a supportive EV charging infrastructure, implement regulations through the National Energy Efficiency and Conservation Authority (NEECA), and introduce a preferential tariff by the National Electric Power Regulatory Authority (NEPRA) for EV charging stations.

One of the fundamental aspects of the policy is the deployment of EV charging stations along major highways, including the Motorways, Grand Trunk (GT) Road, N-65, and N-70, to foster long-distance EV travel. Oil Marketing Companies (OMCs) will use their Corporate Social Responsibility (CSR) funds to support the establishment of these stations. Moreover, battery-swapping stations for three-wheelers will be set up in major cities, handling problems related to charging infrastructure for smaller vehicles.

Furthermore, the government is planning to introduce concessional credit for buyers and investment credits to promote early adoption. The government may create a New Energy Vehicle Fund (NEVF) to support the EV transition through seed funding. Minister for Industries and Production, Rana Tanveer Hussain, underscored the importance of energy efficiency and the transition to clean technologies within the automotive sector. According to sources, the steering committee will finalize the EV policy by November. The basic goal will be promoting local manufacturing, reducing carbon emissions, and contributing to national climate change objectives.

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