Banks Pledge $175 Billion to Sustainable Transportation

By Admin
Eight of the largest development banks announced Wednesday they will invest $175 billion over the next decade to support low-emission transportation p...

 

Eight of the largest development banks announced Wednesday they will invest $175 billion over the next decade to support low-emission transportation programs in rapidly growing areas like Asia, Latin America and Africa.

Sustainable transportation, a focal point of the UN's development agenda at Rio+20, will be critical for these areas as cities brace for population growth of 1 billion people over the next 20 years. To prevent patterns of urban sprawl and congestion, the bourgeoning population will require new transportation systems.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Solving the World Food Crisis with Salt and Sunlight

Clean Water Solutions for Every Continent

Read more in June's issue of Energy Digital: Energy Turns to SPACE

More people driving in developing countries will result in lost time and higher transportation costs if the transportation remains inefficient. It will also become the largest emitter of greenhouse gases in the world, accounting for 46 percent of global emissions by 2035, the banks said.

"These unprecedented commitments have the promise to save hundreds of thousands of lives by cleaning the air and making roads safer; cutting congestion in hundreds of cities; and reducing the contribution of transportation to harmful climate change," said Joan Clos, executive director of U.N.-HABITAT, a U.N. agency focused on urban development.

DOWNLOAD THE ENERGY DIGITAL IPAD APP

 

 

Share

Featured Articles

Shell invests in Qatar LNG North Field East project

Shell buys 25% stake in Qatar LNG North Field East expansion project which will have capacity of 32mn tonnes a year

Gas-led recession a 'near certainty' in Europe

Centre for Economics and Business Research estimates the risk of a recession in Europe this winter at approximately 40%

ABB scoops global energy automation technology award

ABB excels in innovating subsea systems and electrification services and providing underwater control solutions according to Frost & Sullivan

INEOS Köln awarded €770,000 for green hydrogen study

Renewable Energy

UK receives £2.7bn upfront funding to boost grid capacity

Utilities

Poland and Germany best placed for gas-to-coal switch

Oil & Gas