At Rio+20, development banks pledge $175 billion for sustainable transport

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Eight of the world's largest development banks will invest $175 billion over the next 10 years to support the creation of sustainable transport systems.

The voluntary commitments by the Asian Development Bank, the World Bank and six other multilateral development banks (MDBs) will result in cleaner air and safer roads.

The announcement was made on Wednesday at the Rio+20 conference in Brazil.

Haruhiko Kuroda is President of the Asian Development Bank.

"In developing countries, there are 10 to 30 vehicles per 1,000 people today compared to 600 to 800 in many advanced economies.  As incomes rise, motorization in developing countries is going to grow quickly. However, developing countries can leapfrog into a greener future of less motorization, shorter and safer commutes and more energy efficient transport systems, thereby improving the health and wellbeing of their people."

The voluntary commitments have resulted from a Rio+20 campaign by the Partnership on Sustainable Low Carbon Transport (SLoCaT).

It brings together UN agencies, business sector organizations, MDBs and other development groups.

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