Asia needs USD 2.5 trillion for sustainable transport development
Date
11/7/2012 1:20:16 AM
(MENAFN- Kuwait News Agency (KUNA)) The Asian Development bank (ADB) said Tuesday estimated investments of USD 2.5 trillion are required between 2010 and 2020 to help close the infrastructure gap in transport.
"Asia must scale up sustainable transport development or face a bleak future of congested roads, pollution, ill health and economic damage," ADB Vice President for Knowledge Management and Sustainable Development Bindu Lohani said at a high level transport forum in Manila, according to a press release from the ADB. The third ADB Transport Forum focuses on "Inclusive and Sustainable Transport" to discuss key regional transport challenges, share knowledge, and brainstorm ideas to improve the sector.
Asia's policymakers are already responding, with investments in railways and other non-motorized public transport, user friendly urban planning, and the adoption of efficiency measures, but Asia's needs are vast, the Manila-based lender said. In 1980, just one in 10 motorized vehicles in the world was in Asia, but by 2030 the region is expected to account for nearly half the global total, according to the ADB.
Asia's cities are suffering the highest air pollution levels in the world and traffic accidents in the region killing nearly 2,000 people a day. Without a change in current transport development patterns in Asia, global carbon dioxide emissions and fuel prices will keep rising, with grim consequences for climate change, energy security, and economic growth, the bank warned.
The ADB is a multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific. Established in 1966, it has now owned by 67 members, mostly from the region, as well as the US, the UK and Germany.
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