LightCastle Partners, a premier management consulting firm in Bangladesh, has entered into an agreement with Ricardo-AEA Limited, an UK-based international energy and environmental consulting firm, to support the growth of EV ecosystem in Bangladesh.
The Ricardo-led consortium, consisting of LightCastle Partners, IDCOL, Policy Exchange, and Hivos Energia, have received funding from the UK Government Department for Business, Energy and Industrial Strategy (BEIS) for the project under its UK PACT (Partnering for Accelerated Climate Transitions) Green Recovery Challenge Fund (GRCF).
UK PACT is a capacity building program under the UK’s International Climate Finance portfolio. The GRCF program was set up in January 2020 under which projects in countries across Latin America, Sub-Saharan Africa, and Asia will be supported to accelerate their low-carbon transition.
In this project, experts from Ricardo, LightCastle Partners and other Bangladeshi organizations such as IDCOL and Policy Exchange will scope scalable inclusive business models and an enabling financing ecosystem for individual transport providers / SMEs / cooperatives with an aim for electric vehicle uptake in Bangladesh.
LightCastle will support Ricardo in scoping and preparing investment readiness of selected Micro, Small and Medium Enterprises (MSMEs), evaluating the current finance options before co-developing a financing product for banks and financial institutions, and organizing stakeholder engagements with large private enterprises and Mobility as a Service Providers to promote a greener Bangladesh.