ADB Seminar

Driving E-Mobility in Developing Asia and the Pacific

Friday, 3 May 2024, 2:30 pm - 4:00 pm (Asia/Tbilisi)
Radisson Blu Iveria, Ballroom 1 & 2

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Opening Remarks

Ramesh SubramaniamDirector General and Chief, Sectors Group, ADB

Ramesh Subramaniam has been with ADB for over 26 years. He oversees the work of the Sectors Group to deliver all lending and technical assistance operations in seven sectors across the Asia and Pacific region in coordination with all regional, private sector-related, and other support departments within ADB. Trained as an economist, his work at ADB has focused on economic policy reforms, infrastructure financing, and urban development. He established the ASEAN Policy Network and the Green Finance Hub, and oversaw ADB’s efforts to help Southeast Asian countries overcome the adverse impacts of the COVID-19 pandemic. He is passionate about helping developing countries avoid and overcome economic crises as well as manage disasters caused by natural hazards. Mr. Subramaniam has served on various Global Future Councils of the World Economic Forum since 2012, including as co-chair of the its Sustainable Development Investment Partnership ASEAN Hub.

Panelists

Sameer AggarwalFounder and CEO, Revfin 

Sameer Aggarwal is a staunch advocate for financial inclusion and digitization. Under his leadership, Revfin has evolved into a trailblazing organization at the forefront of sustainable mobility in India. Mr. Aggarwal’s thought leadership, coupled with his extensive expertise in credit and risk management, has positioned him as a formidable figure in the electric vehicle (EV) and financing landscape. Beyond being a key influencer in the EV sector, Mr. Aggarwal is actively shaping EV adoption policies. His strategic collaborations with influential entities such as the World Bank, RMI, and Niti Ayog underscore his commitment to driving positive change. Notably, Mr. Aggarwal has taken a pioneering step by establishing and leading the Electric Mobility Financiers Association (EMFAI), solidifying the position of EV financiers in India. Mr. Aggarwal founded Revfin in 2018 with a mission to provide financial inclusion to the underserved segments in India, leveraging the technological wave sweeping the nation. Today, 85% of Revfin's customer base was financially excluded before finding support from the organization. Revfin stands as the only 100% digital and 100% EV financing organization in the country.

Mayank Choudhary Director of the Infrastructure Finance Division, South Asia, Central Asia, and West Asia, Private Sector Operations Department, ADB

Mayank Choudhary has more than 22 years of corporate finance, investment banking, private equity, and project finance experience in the infrastructure sector across Asia. Prior to ADB, he has worked at Macquarie Capital, SUN-Apollo Real Estate Fund and International Finance Corporation. He has an MBA degree from the Indian Institute of Management, Ahmedabad, India.

Jamie LeatherDirector, Transport Sector Group, ADB

Jamie Leather has over 30 years of experience in transport, working in different parts of the world with development organizations, governments, private sector, and research institutions. Mr. Leather overseas the strategic direction of ADB’s transport sector in providing knowledge, technical, and financial support to its developing member countries, private sector clients, and partners. Mr. Leather obtained his master of science degree in transport planning and engineering from the Institute of Transport Studies, Leeds University (UK).

Manana KhinashviliHead, Investor Relations Department, Tegeta Holding

Manana Khinashvili heads fundraising initiatives and capital market transactions at Tegeta Holding, a leading automotive company in Georgia. She directed the execution of seven capital market transactions that diversified Tegeta Holding's financial structure and expanded its investor base to include about 500 institutional, individual, international, and local stakeholders. Among these transactions is the issuance of green bonds in collaboration with ADB—the first issue of its kind within the automotive sector across the entire region, and also the first bonds denominated in local currency. Prior to Tegeta Holding, she worked in private and public sectors in the areas of financial risk management, investor relations, budgeting, consulting, and analysis. She holds a bachelor of business administration with a concentration in finance and an MBA specializing in operations management.

Philip TurnerDirector for Global Advocacy and Engagement, Partnership on Sustainable, Low-Carbon Transport (SLOCAT)

Philip Turner is SLOCAT’s director for global advocacy and Engagement.  The SLOCAT Partnership is the international, multi-stakeholder partnership powering systemic transformations and a just transition towards equitable, healthy, green and resilient transport and mobility systems for the people and the planet.

Moderator

Sharanjit LeylFormer Senior Broadcast Journalist, BBC News 

Sharanjit Leyl has spent 18 years with BBC World News, covering business and politics, anchoring from its Asia bureau and from London's Broadcasting House. A national of Singapore, she has produced and presented BBC documentaries on TV and radio about her city and was commended as best news presenter at the Asian TV Awards. Ms. Leyl now regularly moderates high-level debates for the United Nations, ADB, World Bank, and other multilateral and financial institutions.

The seminar presented green transport trends in developing Asia and the Pacific, including ADB’s comprehensive approach to promoting e-mobility across all major transport forms, such as rail, metro, buses, and electric vehicles. The session gathered key actors needed for a successful transformation, including government, the private sector, scientists, and institutional investors.

Ramesh Subramaniam in his opening remarks highlighted the important timing of shifting to e-mobility and the dominance of Asia as the leading global manufacturer and user of e-vehicles. The region accounts for more than 95% of global e-vehicles sales. He also highlighted the dominance of 2- and 3-wheeled e-vehicles and their importance in South and Southeast Asia. Despite this large number there is still much work to be done given that e-vehicles account for under 5% of sales globally. He provided details on ADB assistance in e-mobility with finance for more than 75,000 e-vehicles and 5,000 kilometers of electric railways, improving millions of daily lives and contributing to the creation of thousands of jobs. Manana Khinashvili gave an overview on how ADB assistance had helped Tegeta as a private sector leading company in transport/mobility to support the decarbonization of the transport sector in Georgia and the rest of the region. She demonstrated the motivation behind Tegata to have issued the first GEL green bonds in the market with the support of ADB.

Sameer Aggarwal provided examples of small and medium enterprises’ access to e-mobilityas well as how funding for such vehicle types had lifted many out of poverty. He demonstrated his work on how electric mobility transforms the last mile commute for lower middle- income population in India and South Asia. Philip Turner, who represents SLOCAT on the global stage as the official representative of the transport sector at the UNFCCC process, outlined the role transport has and is increasingly playing in global agreements, the Paris Alignment, and the UNFCCC. He highlighted the role of non-state actors in the climate debate and their transformation from limited recognition to playing an active role in the discussion, notably from the Marrakesh Partnership, initiatives, to now sectors being reflected in the negotiated outcomes. He also highlighted how nationally determined contributions are starting to incorporate transport.

Mayank Choudhary provided examples of ADB’s nonsovereign support and financial investments in e-mobility as part of the urgent need to transition to cleaner transport and decarbonize the sector. He provided an overview of the different private sector financing instruments available to boost e-mobility and how ADB has utilized these in its support in a range of developing member countries, such as Georgia, Thailand, Viet Nam, and India. He gave some recommendations for private sector companies and governments that want to move toward decarbonizing the transport sector and the role of private finance in this shift.

Jamie Leather provided information on the sovereign side of ADB assistance and the need for comprehensive policies that set the enabling environment and de-risk private uptake of e-mobility. He provided details on ADB support for a range of programs to support the expansion of e-mobility.

A final question was posed to all panelists on where they see e-mobility 10 years from now. There was widespread optimism on the rapid acceleration of e-mobility and how Asia will be a leading force in this global shift to cleaner transport.