Developing Transport Infrastructure for the Low Carbon Society
Bank of England
Oxford Review of Economic Policy, Vol. 25, No. 3, pp. 391-410, 2009
For the UK and other advanced economies the transition to a genuinely Low Carbon Society is a major undertaking. Within transport, changes to vehicle and aircraft technology are likely to be the key drivers of this change, underpinned by a more consistent and comprehensive approach to carbon pricing. Infrastructure investment is likely to be needed to cater for travel growth, but this should be on the basis that improvements in carbon efficiency outweigh the upward pressure of growth on emissions. A radical shift in the power supply for road transport to support electric vehicles could also have significant infrastructure requirements, and there will be potentially significant ‘soft’ investment requirements associated with improved traffic management, travel information systems, and road pricing. Road pricing and an extension of carbon pricing-particularly to aviation-create income flows which may help to fund transport infrastructure development in a world of constrained public finances.
Keywords: climate change, transport policy, transport planning, transport infrastructure and planning, government policy, Q54, Q58, R40, R42, R48
Date posted: December 8, 2009
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