Costa Rica launches special credits for electric cars, taxis and buses

The three state banks of Costa Rica presented on Tuesday credit lines with preferential conditions for the purchase of electric vehicles, taxis and buses, as part of an effort to decarbonize the country’s economy.

“Our almost 100% renewable electricity matrix, made in Costa Rica, is an opportunity to get ahead of history and become the first country with an intermodal zero-emission mobility network,” said the first lady, Claudia Dobles, when presenting the credits.

Dobles, an urban architect, is responsible for the transport component of the decarbonization plan launched this year by the government, with a term of 50 years.

In a ceremony at Casa Presidencial, each of the three state banks presented their loan proposals to boost electric transport and replace fossil-fueled vehicles.

Banco Nacional, Banco de Costa Rica and Banco Popular presented their credit offers with longer payment terms and reduced interest rates for the purchase of electric vehicles.

Electric cars are a key component of Costa Rica’s decarbonization plan, which seeks to suppress the use of hydrocarbons in the economy.

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Transportation is responsible for 66% of hydrocarbon consumption in the Central American country and 54% of local carbon dioxide (CO2) emissions, which contribute to climate change, according to official data.

Costa Rica has since last year a law that grants tax exemptions for the purchase of electric cars, and several public institutions have begun to replace their conventional vehicles with new cars powered by electricity.