Transport economic analysis is still largely dominated by time saving and vehicle operating costs and discount rates, leading to the promotion of shorter-term investments over those that would produce greater benefits through a longer lifecycle assessment. Global agendas such as the Paris Agreement and SDGs do not feature well in current transport economic analysis.
This does not support the shift required to better inform decisions and match larger financial resources to the broader negative externalities of transport, such as lack of access, road safety, inclusivity and affordability as well as air quality and climate change impacts for adaptation.
This work will also explore the potential inclusion of economic geography within future models and tools. The work will prepare an assessment of a multi-criteria approach to transport evaluation and draw heavily on the UK Government White Paper on this subject, and its relevance to developing economies. This work will feed directly into the Decade on Sustainable Transport, ideally through the proposed Action Plan.