❗ Exciting News 📣 📰
We're thrilled to announce the final approval of The World Bank's loan for the Hubei #Yichang Urban Transport Low-Carbon Transition Project. This is a significant milestone -- The $250 million project is the largest World Bank loan approved in China this year, accounting for 25% of its annual lending capacity in China, and is the first Programme for Results (PforR) loan project in the country.
As proud partners, ITDP China has supported the preparatory work for this transformative program over the past two years, engaging with partners from Yichang and the World Bank through over 70 online and in-person meetings. The planning stage set out a roadmap that contains 16 activities and 15 indicators with four key areas of focus: emission standards, public transit revamp, emissions trading pilots, and global impact initiatives.
Upon successful completion in 2028, the project is expected to:
⭐ reduce the city's carbon emissions from the transport sector by approximately 500,000 tonnes;
⭐ increase the average daily ridership of public transport in the urban area by 30%,;
⭐ increase the share of jobs that can be reached within 60 minutes of green transport to 35%.
This project will play an important role in helping Yichang's transport sector achieve its carbon peak and carbon neutrality targets, and in creating a pilot demonstration of the city's low-carbon transport transformation, both for China and abroad. Best wishes to our dear partners in Yichang and we look forward to seeing the city drive urban transport towards a low-carbon future!
Check out Yichang Chengfa City Development's Wechat post here ➡️ https://lnkd.in/gtRkeYPJ; and World Bank's press release here ➡️ https://lnkd.in/gus3Gz6B
#SustainableTransport #GreenCity #ClimateAction #ITDP #UrbanDevelopment #LowCarbonTransition
Pity there is no data available for Malta. What a shame.