Some environmentally focused investors are not ready to buy into Lyft Inc or Uber Technologies Inc, worried about the climate impact of this ...
BOSTON/SAN FRANCISCO: Some environmentally focused investors are not ready to buy into Lyft Inc or Uber Technologies Inc, worried about the climate impact of this year's two most closely watched initial public offerings.
But even as the companies argue congestion has many causes including growing city populations, some investors cite early indications that ride-hailing technology puts more, not fewer, cars on the road. While both also aim to reduce private car ownership, he said,"that's a not an eco-friendly goal in and of itself. It's overall 'miles traveled' and carbon emissions that count."
A study by the San Francisco County Transportation Authority found that about half of new congestion in San Francisco from 2010 to 2016 was from ride-hailing. Average speeds in the city stood at 20.9 miles per hour at the end of the period, researchers found, 3.1 miles per hour slower than at the start.
"We are on a long path. We didn't get to this level of congestion in our cities overnight," Foxx said in an interview with Reuters.
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