A new report by C40 Cities and the International Finance Corporation (IFC) has identified a US$3.8 billion investment opportunity in public electric vehicle charging infrastructure across the emerging economies of Brazil, Colombia, Mexico and India by 2035.
The study, produced in collaboration with The Climate Pledge through the Laneshift Programme and Switzerland’s State Secretariat for Economic Affairs (SECO), examined market trends, regulatory frameworks and city-led initiatives aimed at accelerating electric mobility in emerging economies.
According to the report, investment requirements for charging infrastructure are expected to reach around US$1.9 billion in India, US$980 million in Brazil, US$760 million in Mexico and US$184 million in Colombia over the next decade.
The analysis comes as global public charging infrastructure continues to expand rapidly. Citing the International Energy Agency’s Global EV Outlook 2025, the report noted that the number of public charging points worldwide has more than doubled since 2022, exceeding five million units. Around 1.3 million new public chargers were installed during 2024 alone.
Across the four countries studied, electric vehicle sales increased from around 40,000 units in 2021 to approximately 1.08 million vehicles in 2025, representing annual growth of nearly 130%. By 2025, EVs accounted for 6.5% of new vehicle sales in Brazil, 5.9% in Colombia, 6.2% in Mexico and 3.7% in India.
Significant expansion of public charging networks in emerging economies
Public charging networks have also expanded significantly, with India reaching around 30,000 public charging points by 2025, followed by Brazil with 17,000, Mexico with 4,000 and Colombia with approximately 700.
However, the report said deployment remains heavily concentrated in major cities and warned that insufficient charging infrastructure could slow electric vehicle adoption and discourage investment.
The authors estimate that the four emerging countries will require approximately 359,000 public chargers by 2035, including around 214,000 in India, 86,000 in Brazil, 40,000 in Mexico and 19,000 in Colombia.
Veronica Nyhan Jones, global manager climate partnerships and cross sector expertise at IFC, said: “Electric vehicle adoption is accelerating rapidly across emerging markets, but sustaining this momentum will depend on whether charging infrastructure can scale at the same pace. Expanding reliable and accessible charging networks is essential not only for consumer confidence, but also for unlocking private investment and supporting long-term economic growth. This report shows that with the right policy frameworks, strong city leadership and targeted financing solutions, there are substantial potential investment opportunities on which emerging economies can build the infrastructure needed to support the next generation of sustainable urban mobility and jobs.”
Mark Watts, executive director of C40 Cities, said: “Cities are already leading the transition to electric mobility by turning ambition into practical action, from electrifying public transport fleets to unlocking space, partnerships, and planning frameworks for charging infrastructure deployment. But if we are serious about scaling clean transport globally, particularly across emerging economies, we must also scale investment. Expanding access to finance for EV charging infrastructure will be essential to ensure cities can move faster, attract private capital, and deliver cleaner air, lower emissions, and more equitable mobility systems for millions of people.”
The report highlighted several ways cities can support charging deployment, including integrating charging infrastructure into urban planning, using municipal land for installations, establishing public-private partnerships and coordinating closely with utilities and national governments.
Examples cited in the report include Rio de Janeiro’s Sandbox.Rio initiative, Bogotá’s support for charging infrastructure linked to its electric bus fleet, Mexico City’s integration of charging facilities into its Metrobús system, and Pune’s use of public-private partnerships and fiscal incentives to expand charging networks.
The study also drew lessons from more mature charging markets such as the UK and the Netherlands, highlighting the importance of early-stage public funding, interoperability standards and coordinated long-term planning.
Photo: an EZ-Volt charging station in Brazil
Credit: C40 Cities
