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Development banks pledge $175bn for public transport at Rio+20
Source: The Guardian
Development banks pledge 175bn for public transport at Rio 20
Jonathan Watts
guardian.co.uk, Wednesday 20 June 2012 23.18 BST
The world's biggest development banks have made a fundamental investment shift from roads to public transport, under a $175bn (£111bn) initiative to promote buses, trains and cycle lanes that was unveiled on Wednesday at the Rio+20 Earth summit.
The eight largest multilateral development banks (MDBs) announced they will invest these funds — the biggest sum committed at the conference so far — over the next ten years to transport systems that help to reduce greenhouse gases, improve access for the urban poor and reduce road accidents.
It is estimated that the $175bn from the banks will leverage 10 to 20 times as much money from city governments and the private sector.
The Asian Development Bank, World Bank and other participants at the launch said the transport sector was the fastest growing source of greenhouse gases largely because urban planning has focussed on improving mobility for motorists.
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Jonathan Watts
guardian.co.uk, Wednesday 20 June 2012 23.18 BST
The world's biggest development banks have made a fundamental investment shift from roads to public transport, under a $175bn (£111bn) initiative to promote buses, trains and cycle lanes that was unveiled on Wednesday at the Rio+20 Earth summit.
The eight largest multilateral development banks (MDBs) announced they will invest these funds — the biggest sum committed at the conference so far — over the next ten years to transport systems that help to reduce greenhouse gases, improve access for the urban poor and reduce road accidents.
It is estimated that the $175bn from the banks will leverage 10 to 20 times as much money from city governments and the private sector.
The Asian Development Bank, World Bank and other participants at the launch said the transport sector was the fastest growing source of greenhouse gases largely because urban planning has focussed on improving mobility for motorists.
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Read more: http://www.guardian.co.uk/environment/2012/jun/20/development-banks-rio20-public-transport
