EUR 1.5 trillion is the investment needed for the development of sustainable mobility, a report published by the European Institute of Innovation and Technology (EIT) Urban Mobility says.
The “Costs and Benefits of the Urban Mobility Transition” report is extensive research that explores how European cities can navigate the complex journey towards achieving the EU Green Deal objectives for the transport sector by 2030 and 2050, evaluating the financial and societal impacts of various mobility strategies.
The study highlights that the most effective measures for reducing private car use, and consequently emissions, involve a combination of attractive public transport, shared mobility options, and access restrictions like low-emission zones. By 2030, these measures could result in a 7% increase in public transport ridership and up to a 16% reduction in private car trips.
The study offers a detailed simulation of three transition scenarios across 12 European city prototypes, reflecting the diversity of urban environments within the EU. It reveals that while technology advancements alone could reduce CO2 emissions by 21% by 2030, achieving the Green Deal targets requires much more ambitious measures. The only emission reduction pathway for urban mobility that meets the 2030 Green Deal target involves a 44% reduction in emissions, but it comes with significant challenges in terms of public acceptance and behaviour change.
By 2050, all the three scenarios analysed in the study are projected to meet the Green Deal’s decarbonisation goals for the transport sector, and the development of sustainable mobility primarily through continued technological advancements and vehicle fleet renewals. The study estimates that reaching these goals will require at least EUR 1.5 trillion in investments, including EUR 500 billion for implementing and managing various sustainable mobility measures.
Although these costs are significant, the study highlights that the benefits, such as reduced CO2 emissions, improved public health, and lower external costs, outweigh the financial outlays.
Share on:
