Bengaluru, Feb 25 (IANS): City-based social enterprise Three Wheels United (TWU) on Tuesday launched an auto rickshaw buy back scheme to promote electric auto rickshaw adoption in India.

"A programme like this gives the right push towards the government's green mobility initiatives. This scheme provides a great opportunity for auto rickshaw drivers to increase their income and positively impact the environment," TWU chief executive Cedrick Tandong said in a statement.

Two key objectives of the scheme are to speed up electric vehicle adoption in the country to guide people towards the eco-friendly option and improve income for drivers who choose an EV over a fossil fuel burning internal combustion engine powered vehicle.

The social enterprise has committed to finance 10,000 electric vehicles in the next one year and one lakh by 2024.

According to TWU, electric three-wheelers are more attractive to drivers due to the lower cost of ownership and better profitability.

However, the social enterprise has observed that 50 per cent of auto rickshaw drivers in India rent three-wheelers owing to lack of financing options, thwarting converting to electric vehicles.

TWU will deploy a community approach and tailored financial products in its buy back scheme.

"The current government schemes aimed at removing older vehicles have their challenges, mainly that it is very difficult for a vehicle to qualify. This means older and highly pollutive vehicles continue to ply the roads," said TWU.

Mahindra Electric has also joined hands with TWU to promote the scheme.

"The buy back scheme will definitely make it easier for auto drivers to switch to sustainable and more economically viable products," said Mahindra Electric chief executive Mahesh Babu.