Money will be invested in building transport systems that will reduce greenhouse gas emissions
World's development banks will put more money in creating public transport infrastructure that will benefit the environment rather than building roads for cars. Photograph: Chris Radburn/PA. Photograph: David Gray/Reuters
The world's biggest development banks have made a fundamental investment shift from roads to public transport, under a $175bn (£111bn) initiative to promote buses, trains and cycle lanes that was unveiled on Wednesday at the Rio+20 Earth summit.
The eight largest multilateral development banks (MDBs) announced they will invest these funds — the biggest sum committed at the conference so far — over the next ten years to transport systems that help to reduce greenhouse gases, improve access for the urban poor and reduce road accidents. Read more
Source : www.guardian.co.uk