The world’s eight largest multilateral development banks, the World Bank, the Asian Development Bank, the African Development Bank, the Development Bank of Latin America, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, and the Islamic Development Bank, pledged June 20 at the Rio+20 sustainable development conference to invest $175 billion by 2022 in sustainable transportation systems, thus reducing deaths related to air pollution and traffic accidents. Most of the funds will be used to replace dirty buses with cleaner ones that will operate on their own fast-track lanes; improve freight transport to take trucks off the road; build subways in some cities; and reduce the amount of urban parking through more efficient management.
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$175 billion for sustainable transportation
- Mintz Levin Cohn Ferris Glovsky and Popeo PC
- David Leiter, Sarah Litke and Daniel Phillips
- June 24 2012
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