Chapter 9: Finance and investment in transport
Historically, transport infrastructure investment is considered to be a precondition for an efficient economy. Given the large costs associated with infrastructure projects, it has long been recognized that transport is costly; therefore, public finances alone are not adequate. This, in turn, has determined the financing options available for transport. The world is in an era of transition however. Climate change, depleted energy resources, globalization and population forces act as significant pressures on the global economy. To tackle these challenges, new societal visions are being formed, including de-growth, green growth and neo-growth (Banister, 2012b). Efforts towards a reconceptualization of growth have also abounded: the quest for a better indicator of economic progress and wellbeing has become a prevalent trend (Stiglitz Commission, Stiglitz et al., 2009). During such complex and profound transformation the role of infrastructure development in growth diminishes, entailing that sustainability elements be incorporated into transport. This has significant implications for types of investments and financing tools.
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