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Swedfund Invests in Nagpur Green Transportation Initiative

Stockholm (NordSIP) Together with automotive industry manufacturer Scania and a local Indian partner, Swedfund, the state-owned Swedish development financier providing funding, expertise and support for investments in emerging markets, has invested in a green bus operator in Nagpur that will operate a fleet of 55 ethanol buses.

The move represents a pioneering initiative in Green public and local transport on the subcontinent.

Swedfund and Scania established a partnership in 2015 to promote and develop the use of renewable fuel in India. SST Sustainable Transport Solutions, the green bus operator, was founded as an outgrowth of this cooperation. SST is a pioneer in green public bus services in India, and thus an important part of the country’s vision of fossil-free public transportation.

The company has been awarded a 15-yr concession agreement with the Nagpur Municipal Corporation.

The 55 green buses will be fuelled by ethanol produced from the residue of sugar products and will service the city of Nagpur, a designated target in India’s commitment to a sustainable transport sector and cleaner cities.

India currently places 3rd in the world in terms of carbon dioxide emissions, with these expected to double over the next two decades. The Indian government has therefore launched an initiative to improve the environment and accessibility of 100 of its major cities, termed “Smart Cities”. As part of this initiative, the Indian government is also consulting with international companies with an interest in investing in technology and systems that can contribute to the development and sustainable cities.

Swedfund and Scania’s investment in SST is another step in their objective to work towards the United Nations’ Agenda 2030. This particular investment contributes to Sustainable Development Goals 11 (Make cities and human settlements inclusive, safe, resilient and sustainable) and 12 (Ensure sustainable consumption and production patterns).

 

 

Kames Capital
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