Development banks commit $175bn to transportation

AP News
Posted: Jun 21, 2012 12:13 PM

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.