According to a new analysis released on Friday, the mobility sector in South and Southeast Asia’s developing countries has the potential to absorb up to $1.3 trillion in green capital by 2030, with India positioned to lead this trend.

Based on total cost of ownership, electric scooters and three-wheelers are presently $40–$112 less expensive to purchase in India than their gasoline-powered counterparts.

According to a survey conducted by LeapFrog Investments, Temasek, Mahindra Last Mile Mobility Limited, and Battery Smart, 75 percent of Indians who purchase electric three-wheelers do so for the first time and have modest incomes.

According to the paper, mobility emissions account for 10% of all GHG emissions in Asia, 25% of emissions in Europe, and 30% of emissions in the US. As a result, quick electrification is essential to preventing an increase in emissions as incomes in developing Asia grow.

“The shift to electric transportation is accelerating in high-growth areas. The private markets and impact investing community have a $1.3 trillion potential to change the face of global transportation, according to Souleymane Ba, partner and co-head of LeapFrog Investments’ climate investment strategy.

The infrastructure for refueling EVs has significantly improved thanks to an increasingly effective network of battery swapping facilities and compatible battery systems across automakers.

Commercial customers are finding EV ownership especially appealing due to improved infrastructure for charging and recharging. An estimated 20% of three-wheeler last-mile fleets (passenger and freight) in India are now electric vehicles.

The technology advancements and business creativity they are witnessing in the electric vehicle (EV) sector of emerging Asia, in conjunction with supportive policies and significant investments, “hold tremendous promise for transformative impact at pace and at scale,” according to Dr. Steve Howard, Vice Chairman, Sustainability, Temasek.

Mahindra Last Mile Mobility’s MD and CEO, Suman Mishra, said that the company is still dedicated to helping India cut its carbon emissions by offering affordable and environmentally friendly solutions.

India is in a unique position to see the complete electrification of the three-wheeler category since it currently has the biggest market for electric three-wheelers worldwide.