Moving Towards Low Carbon Mobility

Moving Towards Low Carbon Mobility

Edited by Moshe Givoni and David Banister

The transport sector has been singularly unsuccessful in becoming low carbon and less resource intensive. This book takes an innovative and holistic social, cultural and behavioural perspective, as well as covering the more conventional economic and technological dimensions, to provide a more complete understanding of the mobility and transport system and its progress towards high carbon mobility.

Chapter 9: Finance and investment in transport

Nihan Akyelken

Subjects: economics and finance, environmental economics, transport, environment, climate change, environmental economics, transport, urban and regional studies, transport

Extract

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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