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The Economic Benefits of Adopting Sustainable Transport

In our article, ‘The High Cost of Carbon Transport,’ we talked about the considerable costs of air pollution, and the leading role that carbon transport plays in harming public health, the economy, and the environment through global warming. Here, we flip the coin and discuss the amazing benefits of adopting sustainable transport by individuals and global society, and how it enables the environment to enrich our health and economy as we move towards a carbon-neutral future. 

The personal economic benefits of sustainable transport

With the long unseen rise of inflation and, especially, the costs of fuel and energy, sustainable transport can play a big part in helping households to save money in an eco-friendly way.

In 2015, a study was conducted in Copenhagen that found driving a car for transport was six times more expensive than using a bike! In the UK, averages suggest that the annual cost of owning and driving a car is over £3000 a year including fixed costs and fuel. In comparison, owning a bike costs less than £500 a year, a staggering difference.

Looking at carbon versus electric cars, a study by USwitch found that UK drivers spend an average of £1153 a year on fuel, compared to an average of just £310 a year spent on charging electric cars.

Whilst in the United States, Michigan’s Transportation Research Institute found that, on average, electric vehicles cost $485 per year to refuel, compared to gasoline cars at $1117 per year. With the huge spikes in fuel costs, these differentials are likely to have increased.

The wide range of benefits continues, with electric vehicles having fewer mechanical parts to maintain, and with their owners enjoying tax-saving schemes in a range of countries, as well as receiving small rewards for helping the environment, such as free parking in some jurisdictions. There are also many great health benefits to cycling, and enjoying cleaner air as eco-friendly transport gets more widely adopted.

The collective economic benefits of sustainable transport

The World Bank estimates that air pollution costs the global economy around $225Bn per year because of its wide range of impacts, highlighting the collective financial opportunity for curbing pollution across the globe.

Compared to cars, wider usage of bikes can save our rainforests, as much less rubber is needed to produce bikes. Ultimately, the materials and the CO2 released into the environment during bike production creates only a fraction of that released whilst producing cars. Collective adoption of biking saves lives and increases life expectancy - a minute is gained for each minute of riding our bikes. The benefits of exercise to mental and physical health translates into more productivity at work. Finally, bikes can lead to more efficient use of public spaces; 12 bikes can be fitted into the typical car-parking space.

Using and producing electric vehicles also creates collective benefits. In Nevada, a study in 2014 found that a range of efficiencies and empowerments to the state’s economy, such as job creation and non-reliance on global supply chains, were created by the electric vehicles industry. They also contributed to significant reductions in air pollution across the state. It also reconfirmed the widely documented individual benefits of electric vehicle usage, saving drivers between $1000-$1300 in fuel costs annually.

Turning to the environment, using electric vehicles helps the planet’s ecosystems to recover and regain their balance. By using sustainable transport, we help to protect crop yields, prevent natural disasters, deforestation and desertification, the rise of sea levels and so much more.

At Drivn, we are passionate about the benefits of eco-friendly transportation and we have created a platform that encourages people across the globe to use sustainable transport, and rewards the climate-conscious mindset. Users can own a Drivn NFT and track their carbon saving impact, in order to contribute to global charitable causes by using eco-friendly transport.

Sign up for free and join the movement today.

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