RIO DE JANEIRO (AP) — The world's largest development banks say they are investing $175 billion over the next decade to support cleaner transportation systems.
The announcement was made Wednesday in a statement by the World Bank, the Asian Development Bank and six other multilateral institutions represented at a U.N. environmental conference in Rio de Janeiro, Brazil.
They point out that transportation is the fastest-growing source of greenhouse gases. As cities grow and countries focus on car-centered mobility at the expense of public transportation, they run into problems with air pollution, congestion and climate change that can cost the equivalent of 5 to 15 percent of total income.
The commitments grow out of a campaign by the Partnership on Sustainable Low Carbon Transport.