The Future of Rail Report: Key Facts
The Future of the Rail Report was prepared by the International Energy Agency (IEA) in association with the International Union of Railways (UIC).
Findings of the Report
The report provides a specific focus on India, The important findings of the Future of Rail Report are:
- Indian railways will account for nearly 40% of total global rail activity by 2050.
- The Investments in Indian urban rail infrastructure is estimated to reach nearly $190bn by 2050.
- The report notes that India can save up to $64bn on fuel expenses by that time.
- The report predicts bright prospects for Indian Railways.
The report notes that the rail sector carries 8% of passengers across the world and 7% of global freight movement but it utilises 2% of the total transport energy demand in the world, signifying its efficiency.
International Energy Agency (IEA)
The International Energy Agency (IEA) is an intergovernmental organization established by the Organisation for Economic Co-operation and Development (OECD) in 1974. IEA even works non-member countries, especially China, India, and Russia.
Initially, IEA was focused on responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors. Its mandate has been widened to focus on the “3Es” of effectual energy policy: energy security, economic development, and environmental protection.
International Union of Railways (UIC)
The International Union of Railways (UIC) is an international body of the rail transport industry. The UIC was created on 17 October 1922 with the aim of standardising industry practices. At present, UIC had 194 members across 5 continents.
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Month: Current Affairs - February, 2019