One of the many announcements related to stimulating green development at Rio+20 involves a sustainable transport scheme. The Rio+20 meeting saw well over one hundred points of agreement from financial institutions and business groups. The sustainable transport agreement that occurred on the fringes of the conference involves $175bn fund. The group of international finance institutions involves eight international development banks led by the Asian Development Bank. The fund will go towards boosting sustainable transportation over the next decade.
This initiative is significant because greenhouse gas emissions from transport are currently at 23 percent of global CO2 emissions and they are growing faster than any other economic sector. The banks calculate that air pollution, congestion, traffic accidents and climate impacts can take 5-10% off a country´s GDP per year.
“This is a game changer for sustainable transport,” commented Holger Dalkmann, of the World Resources Institute’s center for sustainable transport. It will ensure that hundreds of millions of people will have cleaner air, less congested roads, and safer transportation.”