India’s Electric Vehicle (EV) Industry has grown in multifaceted segments in the past 2 years. The EVSales metrics are rising exponentially and the Domestic four-wheeler EV Sales in the FY 2022-2023 is predicted to cross the 1 million milestone mark. (Source: Livemint)

The world is shifting gears towards Sustainability and all the major climate action conferences like the COP27, UN-SDG Summits, upcoming G20 Summit in India are vocally embracing the clean energy paths of development. This is in lieu with the customers’ alignment with the environmentally friendly products & initiatives. The ease of better operating costs, home-charging, overall cost-effectiveness and responsible living is creating a buzz amongst the new-age consumers. As the EV Industry falls directly under this purview of Sustainability, it is all the more crucial that all corners of operations, manufacturing & produce are overcast by the lens of Sustainable Development.

There are various ways to take this forward.

Governmental & Private Intervention

The Government of India and in many other countries have led clear Roadmaps of expanding upon the EV Industry.

  • The EV industry seeks extension of subsidies under FAME-II in Budget.

Note: Under the Government’s FAME-II scheme, a customer can avail of up to a 40% discount on the cost of the vehicle, at a rate of INR 15,000 per kilowatt hour (kWh). 

  • M&M to invest Rs 10,000 crore to widen India’s EV manufacturing spectrum.
  • Western, central UP to be developed as a hub for EVs, ancillary industries.

Now Find Opportunities and Investments allow Expansion and Reap Benefits from Sustainability Disclosures

Developments within the EV Industry

  • Electric vehicle sales on track to cross 1-million milestone this year.
  • Because of the strict new emission regulations, vehicle manufacturers have been largely shifting focus towards low or zero emissions vehicles like Battery Electric Vehicles (BEVs).
  • M&M to invest Rs 10,000 crore to widen India’s EV manufacturing spectrum.
  • Western, central UP to be developed as a hub for EVs, ancillary industries.

(Source: Economic Times)

New Models are being developed and launched at a rapid rate because of the growing popularity of the Industry amongst the business & the target market. The technological innovation that is rendered in gearing up the Industry for better scope and much efficient EV models for sales benefits which indirectly has a larger positive impact on the Planet. The market is rampant with NCM (Nickel, Manganese, Cobalt) and LFP (Lithium, Iron, Phosphate) Batteries. The tech marvels and other high-end auto players are trying to work with the batteries in making them more efficient, cost-effective, with high energy density and light. The chemistry of the entire EV systematics is bound to bring breakthroughs in the near future as many private & semi-private players are now engaged in R&D for this sector, the biggest player today in India is Tata Motors. Tata Motors is an excellent example to demonstrate how careful planning & strategy takes us a long way in the fields of innovation. Restructuration on a component level, packaging for consumer generation and strategizing for better models with feedback and constant scrutiny on the current models takes us a long way with regards to the EV uptake in India. (Source: Livemint)

Sustainability Accounting and Management for the EV is crucial to fortify responsible operations repute

In all the gravity of relevance of the product, it is also important to build a holistic ecosystem for responsible production, distribution and consumption processes.

Indigenous Capacity Building for in-demand EV Items must be strengthened. 

EV Items like batteries & semiconductors etc. should find better roadmaps in production processes for effective buying scenarios on part of the customers. Finding effective solutions to persisting problems of procurement and produce will help popularise & fortify the EV Industry much better. This will help soothe our inherent problem of dependencies of importing products & raw materials.

This is the world of digital & AI, customer base-building and raising awareness, connectivity & imprinting is not very difficult in today’s day & age. Artificial Intelligence (AI) and Internet of Things (IOT) can help us in this direction of generating consumer base & retaining the relevance of the product itself. 

There are many such exciting opportunities in the domain of the EV Industry. It is time to merge creativity & technology to be able to adhere to the true implications and relevance of the EV side of things.

For EV industry players, it becomes therefore very important to lay up your Sustainability guards. For one, you are already functioning under the lens of Sustainability; secondly, because you are already classified as players of the Green Network, it becomes important that your disclosure stands strong. Note,

  • It is important to showcase that while the overt picture is green, the covert core is also led by Sustainability processes. 
  • To be able to do this, it is highly crucial to track your Carbon Footprint, emissions and have a Carbon Report ready at your disposal.
  • Align the numbers according to the ESG parameters & other guidelines by the UN-SDG, GRI, GDPR etc. and develop a holistic system of accounting your Carbon.
  • Convert that Carbon Capture into Carbon Credit.

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