Transit Investments Research Articles

Equitable, inclusive and sustainable public transit mobility through mobility on demand? A critical perspective

In recent decades, public transit authorities have increasingly opted to invest in commuter transit that caters to a whiter, wealthier demographic as opposed to lower-income transit-dependent populations. In addition, urban-suburban population shifts caused by central-city gentrification has meant that those who depend on public transit the most have been forced to move outside the city center. This presents challenges for transit-dependent riders, particularly in sprawling, car-dependent Southern US cities where transit agencies are spatially constrained and underfunded. Quite simply, the transit does not reach the destinations where the people who need it most are moving. Mobility-on-demand (MOD) has emerged in recent years as an innovative approach to sustainability through mobility. Increasingly, scholars are exploring its ability to increase access to opportunity areas (i.e., shopping, employment, social commitments) previously disconnected because of transit spatial mismatching. In this paper, we situate the discussion of MODs within the larger context of the unequal development in cities. We discuss extant research on MODs, and an initiative being piloted in a medium-sized Southern US city, Chattanooga, Tennessee. Using a transit equity lens we explore, within the context of historical and present uneven development, whether MODs are truly disruptive in reducing transit disadvantage, can address the limits of the “city-centric” nature of fixed and sparse public transit in areas of the country with a poor history of public transit investment (e.g., the US South), and respond to the dynamic nature of regional migration that constitute cities in the 21st century.

Финансовые и экономические условия энергоперехода для национальной экономики

This study reveals the financial conditions and drivers of the energy transition in the world and in Russia. The purpose of the study is to characterize the essence, content and financial conditions of the energy transition for the national economy. The objectives of the article are to study the features of the energy transition models for developed and developing countries; to consider the impact of "sustainable financing" on the energy transition process; to identify the specific financial conditions and risks. It was found that two major concepts of the energy transition have been formed, reflecting the vision of the goals and timing of completion, conditions and financing formats. The analysis of global investments in the energy transition showed high investors’ optimism: the renewable energy sector is the most attractive; the Asia-Pacific region has become the largest region in terms of investment volume; more energy transition financing programs are implemented in the European Union. The author reveals relationship between policies to achieve carbon neutrality and the phenomenon of "sustainable financing" subject to the principles of ESG, which was expressed in the refusal of the world's leading financial institutions to finance any fossil fuel projects, which could lead to higher demands and direct pressure on the energy and oil and gas sector in developing countries. The main financial risks and financial losses that the Russian economy may face in process of energy transition are outlined. Russia, as the largest exporter of hydrocarbons, will have to adapt to the new conditions despite the unprecedented sanctions pressure on the financial system and the withdrawal of major investors from the oil and gas and electric power sectors. First of all, this is cooperation in the BRICS format — both in the energy and in the financing of infrastructure projects, including within the framework of the BRICS New Development Bank activities. State loans, subsidies, grants, tax incentives, etc. may be used as financial measures of state support for the energy transition.

The effects of domestic and EU incentives on corporate investment toward ecological transition: a propensity score matching approach

Abstract We investigate the effects of domestic and European Union (EU) incentives on different types of corporate investment in ecological transition in Italian firms including a large representative sample of small companies and the universe of companies above 250 employees. We perform propensity score matching tests exploiting revealed information of firms that declare to use the incentives for specific ecological transition investments compared to a synthetic counterfactual of “twin” companies matched on selected characteristics. Our findings show that domestic and EU incentives significantly increase green investment for both small and medium/large-sized companies, the impact being highest when we consider investment in energy-saving plants and for carbon emission reduction.

Land use regulations, transit investment, and commuting preferences

In the U.S., various anti-sprawl land use regulations have been implemented for over two decades. Previous studies primarily investigate the impacts of local land use regulations or neighborhood-level built environment attributes on travel behaviors within a narrow time frame. Through a different lens, this paper examines how various local land use regulations and transit investment, both measured at the aggregated metropolitan level, have affected people’s long-term travel behaviors over a 15-year period, and how these impacts differ between younger and older age groups. This study combines a set of land use regulation indices measured at the metropolitan level in 2003 with 15 years of travel data (2005–2019) from a pooled representative sample of over 8 million workers in the 50 largest U.S. metropolitan areas. Results show several local anti-sprawl land use regulations (e.g., growth containment, adequate public facilities, and moratoria), when combined at the metropolitan level, effectively reduced driving notwithstanding their marginal effects. Government investment in public transit also significantly increased commuters’ likelihood of using public transit and, carpooling, as well as increased carpool group size. Moreover, the commuting mode choices of younger workers are more responsive to transit improvements and land use regulations. Urban planners should commit to regional cooperative planning to promote effective land use regulations at the metropolitan level. Regional collaborative entities, such as metropolitan planning organizations should play a larger role in coordinating local land use planning and regulations. To reduce automobile dependency, planners should commit to improving public transit through enhanced financial assistance, harnessing land use regulations in a more targeted way, and accommodating the needs of different age cohorts.

The Local and Network Effects of Rail Transit Network Expansion on Retail Property Values

Using Singapore as an example, we find that the opening of new rail transit lines can boost retail property values in areas not only along the new lines (local effect) but also along the existing lines (network effect) due to the increase in network size. We also show the local effect of a new rail line changes over time at different development stages. Ignoring the time-varying local effect and the network effect could lead to biased estimates of the value-added of rail transit and misguide policy formation in rail transit investment, land value capture, and transit-oriented development.

Assessment of the health benefits to children of a transportation climate policy in New York City

BackgroundAssessments of health and environmental effects of clean air and climate policies have revealed substantial health benefits due to reductions in air pollution, but have included few pediatric outcomes or assessed benefits at the neighborhood level. ObjectivesWe estimated benefits across a suite of child health outcomes in 42 New York City (NYC) neighborhoods under the proposed regional Transportation and Climate Initiative. We also estimated their distribution across racial/ethnic and socioeconomic groups. MethodsWe estimated changes in ambient fine particulate matter (PM2.5) and nitrogen dioxide (NO2) concentrations associated with on-road emissions under nine different predefined cap-and-invest scenarios. Health outcomes, including selected adverse birth, respiratory, and neurodevelopmental outcomes, were estimated using a program similar to the U.S. EPA BenMAP program. We stratified the associated monetized benefits across racial/ethnic and socioeconomic groups. ResultsThe benefits varied widely over the different cap-and-investment scenarios. For a 25% reduction in carbon emissions from 2022 to 2032 and a strategy prioritizing public transit investments, NYC would have an estimated 48 fewer medical visits for childhood asthma, 13,000 avoided asthma exacerbations not requiring medical visits, 640 fewer respiratory illnesses unrelated to asthma, and 9 avoided adverse birth outcomes (infant mortality, preterm birth, and term low birth weight) annually, starting in 2032. The total estimated annual avoided costs are $22 million. City-wide, Black and Hispanic children would experience 1.7 times the health benefits per capita than White and Non-Hispanic White children, respectively. Under the same scenario, neighborhoods experiencing the highest poverty rates in NYC would experience about 2.5 times the health benefits per capita than the lowest poverty neighborhoods. ConclusionA cap-and-invest strategy to reduce carbon emissions from the transportation sector could provide substantial health and monetized benefits to children in NYC through reductions in criteria pollutant concentrations, with greater benefits among Black and Hispanic children.

Bus rapid transit impacts on land uses and development over time in Bogotá and Quito

Despite the worldwide popularity of bus rapid transit (BRT), empirical evidence of its effects on land uses and development remains limited. This paper examines BRT’s impacts on land use and development in Bogotá and Quito, by using a parcel-level difference-in-differences research design. We estimate a propensity score-weighted regression model of parcel development characteristics in treatment and control areas. In Bogotá, although parcels in close proximity to the BRT are subject to fewer changes in terms of development intensity (changes in built-up area) in relation to parcels in the control area, they are more likely to change uses, shifting toward commercial activities. In Quito, the results are mixed; parcels in one BRT corridor are more likely to be subject to redevelopment, but the parcels in a more recent BRT corridor are less likely to be subject to development activity in relation to parcels in the control corridor. Taken together, our results suggest that changes in land use are important but frequently overlooked impacts produced by BRT implementation. Attempts to capture value from mass transit investments should also consider the ancillary planning decisions required to allow changes in land use.

The TROLLEY Study: assessing travel, health, and equity impacts of a new light rail transit investment during the COVID-19 pandemic

BackgroundThe COVID-19 pandemic disrupted life in extraordinary ways impacting health and daily mobility. Public transit provides a strategy to improve individual and population health through increased active travel and reduced vehicle dependency, while ensuring equitable access to jobs, healthcare, education, and mitigating climate change. However, health safety concerns during the COVID-19 pandemic eroded ridership, which could have longstanding negative consequences. Research is needed to understand how mobility and health change as the pandemic recedes and how transit investments impact health and equity outcomes.MethodsThe TROLLEY (TRansit Opportunities for HeaLth, Livability, Exercise and EquitY) study will prospectively investigate a diverse cohort of university employees after the opening of a new light rail transit (LRT) line and the easing of campus COVID-19 restrictions. Participants are current staff who live either < 1 mile, 1–2 miles, or > 2 miles from LRT, with equal distribution across economic and racial/ethnic strata. The primary aim is to assess change in physical activity, travel mode, and vehicle miles travelled using accelerometer and GPS devices. Equity outcomes include household transportation and health-related expenditures. Change in health outcomes, including depressive symptoms, stress, quality of life, body mass index and behavior change constructs related to transit use will be assessed via self-report. Pre-pandemic variables will be retrospectively collected. Participants will be measured at 3 times over 2 years of follow up. Longitudinal changes in outcomes will be assessed using multilevel mixed effects models. Analyses will evaluate whether proximity to LRT, sociodemographic, and environmental factors modify change in outcomes over time.DiscussionThe TROLLEY study will utilize rigorous methods to advance our understanding of health, well-being, and equity-oriented outcomes of new LRT infrastructure through the COVID-19 recovery period, in a sample of demographically diverse adult workers whose employment location is accessed by new transit. Results will inform land use, transportation and health investments, and workplace interventions. Findings have the potential to elevate LRT as a public health priority and provide insight on how to ensure public transit meets the needs of vulnerable users and is more resilient in the face of future health pandemics.Trial registrationThe TROLLEY study was registered at ClinicalTrials.gov (NCT04940481) June 17, 2021, and OSF Registries (https://doi.org/10.17605/OSF.IO/PGEHU) June 24, 2021, prior to participant enrollment.

Towards Optimized ARMGs’ Low-Carbon Transition Investment Decision Based on Real Options

As a critical node of the global transportation network, ports have great potential in promoting transportation emission reduction. Promoting the low-carbon transition of ports by using clean energy is effective. Using hydrogen energy in automated container terminals (ACTs) has become popular in port emission-reduction research. The research object is the main port equipment—the automated rail-mounted container gantry crane (ARMG). This research designs a staged investment decision-making scheme for ARMGs’ hydrogen energy transition. The Internet of Things (IoT) architecture in ACTs collects ARMG equipment operation and carbon emission data. It provides a basis for data acquisition in ARMGs’ hydrogen energy transition. Furthermore, ports can adopt big data technology to analyze the correlation between equipment operation and carbon emissions. Finally, the digital twin platform will visualize the ARMG equipment operation and carbon emission behavior to remote operators. These advanced technologies can achieve status monitoring and simulation prediction, which will support ARMGs’ hydrogen energy transition. However, the ARMGs’ hydrogen energy transition has a long cycle, large investment, and strong variability. Ports should make staged investment decisions based on the digital twin platform’s status monitoring and simulation prediction analysis results. Therefore, this research establishes an optimization model for ARMGs’ low-carbon transition investment decision based on the real options method, and analyzes the staged investment scale and timing of ARMGs’ hydrogen energy transition. The results provide a popularized decision-making scheme for the low-carbon transition of ports’ equipment, which could facilitate the low-carbon transition of ports’ equipment.

Causal, spatiotemporal impacts of transit investments: Exploring spatial heterogeneity from announcement through long-run operation

As the successful design and implementation of alternative mechanisms for funding transit infrastructure, such as value-capture schemes, are becoming more critical, identifying the timing, duration, and spatial extent of the capitalization of accessibility benefits for nearby communities is becoming more and more important. This research makes a significant contribution to the analysis of the spatiotemporal impacts of transit systems by quantifying variations in the spatial distribution of causal effects from project announcement to long-run operation. The study develops a quasi-experimental framework based on advanced difference-in-differences specifications that enable us to capture the distribution of average treatment effects in space and time. The methodology is applied to the light rail system in Charlotte, NC, which includes an original line and its extension. A dataset comprised of the single-family house sales from the last thirty years is compiled for the study area, which contains neighborhoods in the vicinity of the light rail and two comparison areas. The estimated impacts demonstrate significant heterogeneity, on multiple facets. We find that although the shape of the spatial distribution of effects changes over time experiencing increasing curvature, the results consistently indicate highest positive impacts for properties located within 0.25 and 0.5 miles of a transit station. Differential effects are also identified between the original light rail line and its extension, such as lack of anticipation effects for the line extension. Although these results are specific to a single locale, the methods demonstrated through this study can be applied to other areas and transit systems of similar scale.

Virtual Net-Metering Option for Bangladesh: An Opportunity for Another Solar Boom like Solar Home System Program

This study explores the virtual net-metering (VNM) option for enabling inclusive investment opportunities in renewable energy for self-consumption in Bangladesh. It focuses on consumers, such as households and businesses in multi-family and multi-story buildings, who cannot participate in traditional net-metering policy due to technical and space constraints. The study adopted the classical socket parity method to identify suitable consumers for VNM. Then it determined the consumer benefits of using VNM by calculating the net present cost (NPC) and discounted payback period. The results reveal that several consumer categories can significantly save on electricity costs through VNM. For example, commercial consumers can save more than 50% of their electricity bills by investing in a VNM-enabled remote solar power plant with a discounted payback period of fewer than six years. The discussion articulates more comprehensive benefits of VNM. It addresses challenges for renewable energy development by identifying local opportunities. Therefore, this research can help initiate policy dialogues and create momentum for citizen investments in the energy transition. The proposed approach can also be used to analyze the economic feasibility and potential of VNM in other countries.

Impact of the Institution on Foreign Direct Investment in Economic Transition

Foreign direct investment plays an important role in the economic development of developing countries. One of the factors that investors consider when deciding to invest in a country is the institutional factor. Therefore, this study is conducted to determine the relationship between institutions and foreign direct investment in Vietnam. Research data is panel data from 63 provinces/cities of Vietnam for 2012-2015 used to test the hypothesis. The fixed impact assessment model (F.E.M.) and IV-GMM allowed the exact causal relationship of these factors to be determined. The results show a positive impact from institutional factors on FDI attraction in Vietnam. Research results also show that R&amp;D research also helps increase FDI attraction into Vietnam significantly, and the accountability factor is the most important factor for investment decisions of FDI owners. In addition, the study also examines in detail the institutional distribution indicators that affect FDI. The study shows a significant relationship between institutions and FDI attraction to Vietnam. From this result, some policy implications are also given to improve the ability to attract FDI based on institutional policy.

Public willingness to make trade-offs in the development of a hydrogen industry in Australia

Hydrogen is attracting increasing attention and investment in the low carbon energy transition. However, it is expected that any transition to hydrogen at a meaningful scale or rate, will be dependent on the industry obtaining a social licence, underpinned by public acceptance. This study analyses responses from a public survey that asked 1,824 residents of South Australia and Victoria (Australia) to indicate how important six characteristics of a hydrogen industry would be in their decision to support the development of such an industry, namely: (1) safety; (2) climate change mitigation; (3) affordability; (4) reliability; (5) accessibility; and (6) job creation. Overall, safety was rated as the most important characteristic, followed by climate change mitigation and affordability. Fractional multinomial logit model estimates found socio-demographic (e.g. age, location) and attitudinal characteristics (e.g. concern about climate change, hydrogen knowledge) statistically significantly influenced individuals’ importance ratings of hydrogen industry characteristics. This research indicates the trade-offs that individuals may—or may not be—willing to make in the transition to hydrogen energy. Such information can be used to align policy and investment decisions with public expectations for the further development of the hydrogen industry in Australia.

People-focused and near-term public transit performance analysis

Public transit ridership forecasts have long played a role in understanding the potential success of a policy or investment, but their limitations have led researchers and practitioners to identify other performance analysis approaches. Accessibility, or the ease of reaching opportunities, has become very popular and widely used for this purpose. But commonly used accessibility measures also embody weaknesses that are seldom acknowledged; these limit their utility for truly understanding the benefits of transit investments. In this paper, we identify the pros and cons of these competing approaches and offer a third strategy. Specifically, we describe how revealed travel behavior data, potentially combined with near-term forecasts, can provide information about how current public transit users will be affected by a new project. While acknowledging the limitations of this approach, we demonstrate how accessibility can be misleading when applied without an understanding of ridership patterns.

Improvements in space-time accessibility as outcomes of heavy rail transit development in the sprawled residential district. Empirical evidence from Gdańsk

The sustainable mobility paradigm is essential to cities’ climate mitigation. Transit-oriented development (TOD) supporting the concentration of housing, workplaces, facilities, and services within a walkable distance of transport nodes connected by efficient public transport results in the use of sustainable mobility implementation. Despite the growing scientific interest in TOD, the legal, economic, cultural, and physical obstacles complicate and slow down its implementation process. This article provides new insight into the outcomes of planned heavy rail transit (HRT) development across the sprawled residential district, which emerged due to market-driven housing development, intense individual motorisation, and permissive spatial policy that enables extensive housing without relevant transit investments. Based on quantitative data regarding spatialities of the case study area, space–time accessibility was the primary research method. Despite the unfavourable local context to mass transit, the investigation reveals significant planned HRT line spatial-time accessibility attempts. The most significant is the by-transit travel time reduction and an increase in to-transit accessibility. Due to urban sprawl outcomes, the HRT line requires an extensive feeder system. It increases operational costs and risks the reliability of the whole trunk-and-feeder system due to possible feeder operation disturbance resulting from road congestion. The study outcomes yield significant implications for urban transport policy.

Land Value Capture and Transit Oriented Development (TOD): A Comparative Review of Indian TOD Policies Measures

Several Indian metropolitan cities are willing to adopt and explore various methods to implement transit-oriented development (TOD) around their transit stations to reverse the ongoing trend of automobile-oriented urbanization. Implementation of development-based Land value capture (LVC) schemes in emerging middle-income countries asks to understand and adapt to locally-specific favorable macro conditions such as rising real-estate incomes, increasing automobile dependency, and traffic congestion which all together endow to appreciate land values near transit stations or corridors. This paper identifies enabling TOD linked factors and indicators to measure them besides transit investment that may influence Development-based LVC mechanism and TOD based investment in transit station areas or corridors. To achieve the desired study goal, this study identified 13 indicators directly related with six TOD dimensions to evaluate Indian TOD policies formulated at various levels. By doing so, it will determine new innovative funding opportunities available to implement and integrate lacking land-use and transit planning mechanisms and proposing a land-value capture strategy with lacking a clear framework for Indian cities. The study revealed that population densities, particularly employment densities, length of blocks and intersection intensities, electric charging stations, multimodal integration and smart apps provision are largely lacking in the most Indian TOD policies framed. The current ongoing TOD policy formulation is only limited to increase densification by permitting higher than permissible Floor Area Ratio (FAR), providing parking facility and its management, and allowing land-use mix.

Transit Blues in the Golden State: Regional transit ridership trends in California

Public investment in transit increased following the Great Recession, yet transit use nationally mostly fell, even prior to the 2020 pandemic. We investigate this troubling disjuncture by comparing transit ridership trends during the 2010s in two of America’s largest regions: Greater Los Angeles and the San Francisco Bay Area. While both California regions lost transit riders, we see substantial differences in the scale, timing, geography, and modes of these declines. In the LA area, ridership fell longer and further, spread more across routes, times, and sub-regions and concentrated on the region’s dominant operator. In both regions, increasing auto access appears to have played a central role, albeit in different ways. Greater LA saw increased automobile ownership, particularly among high-propensity transit riders. In the Bay Area, as jobs and housing have dispersed, ridehail services like Lyft and Uber may have eroded non-commute transit use.

ОЦІНКА ЕКОНОМІЧНОЇ ЕФЕКТИВНОСТІ ІНВЕСТУВАННЯ У БЕЗВІДХОДНІ ТЕХНОЛОГІЇ У СІЛЬСЬКОМУ ГОСПОДАРСТВІ

The article examines the current state and trends of investing in the development of renewable energy sources and waste-free biogas technologies in agriculture. Investing in biogas plants for large agricultural enterprises solves several problems at once. One of the most important is the processing of waste, which is especially important for livestock complexes. The volumes of global investments in renewable energy sources and biofuels in 2011–2021 are analyzed and determined that 2021 was a record year in terms of total investment in the energy transition, and in terms of investment in renewable energy and biofuels. China and Europe remain the leaders in investing in renewable energy and biofuels in 2021. In recent years, there has been an upward trend in domestic investment in renewable energy and biofuels, but their volumes are still at a low level. Investing in any market, regardless of the presence of international representatives on it and the probable inclination of the business to risk, is a rather difficult decision. The initial stage in deciding to enter the Ukrainian market, the investor must choose and develop a clear and unambiguous investment strategy through a thorough risk assessment. Three possible scenarios for an investor to enter the renewable energy and biofuels market have been identified: creation of a new company from scratch (greenfield), acquisition of an existing company; acquisition of existing production. Also, on the basis of the most cost-effective scenario – the creation of a new company from scratch (greenfield) – an assessment of the economic efficiency of investing in waste-free biogas technologies in agriculture was carried out. Based on the results of the study, five areas have been identified to stimulate investment in renewable energy sources in general and biogas waste-free technologies in particular. Increased investment in the renewable energy sector will allow Ukraine to produce additional volumes of electricity that can be exported to Europe in exchange for Russian energy resources. Despite global trends, many investors have suspended support for renewable energy projects due to the state’s failure to fulfill its obligations and the retrospective reduction of “green” tariffs without launching an alternative in the form of “green” auctions.

Property value capture for development of mass rapid transit: Case study from Hanoi

Property value capture is expected to financially support investments in mass rapid transit (MRT) in many developing countries where conventional public funding is insufficient to meet the local demand. This study presents a case study to examine the financial feasibility of developing and operating a new metro line through property value capture and land-use control in Hanoi. First, property prices are estimated with local data for both residential and office properties, using hedonic price models. Next, a travel demand model, including trip generation and attraction, trip distribution, and travel mode choice sub-models, is estimated with person trip survey data, following a conventional four-step model framework. Subsequently, multiple scenarios are built for a hypothetical investment in an MRT line in Hanoi. The scenarios are assumed considering socio-demographics and transportation infrastructure in the context of new taxation levied on local properties near MRT stations and land-use controls with respect to population and employment to increase their densities near MRT stations. The estimated models are applied to each scenario to estimate the expected financial viability of MRT development and operation. The results reveal that the property value capture and land-use control could significantly improve the operator's profitability.

Understanding Travel Patterns of Ride-Hailing Service Sub-Population Groups and Effects of Transit Investment on Ride-Hailing Users’ Potential Mode Switching: A Case Study of Ho Chi Minh City, Vietnam

Understanding Travel Patterns of Ride-Hailing Service Sub-Population Groups and Effects of Transit Investment on Ride-Hailing Users’ Potential Mode Switching: A Case Study of Ho Chi Minh City, Vietnam