Proposing a radical change in how roads are funded and paid for in the UK
DALLAS--(BUSINESS WIRE)--
Jacobs
Engineering Group Inc (NYSE:JEC) and Volterra
Partners have been honored as a finalist in the 2017
Wolfson Economics Prize, the most significant global economics prize
after the Nobel Prize. The Wolfson council asked, “How can we pay for
better, safer, more reliable roads in a way that is fair to road users
and good for the economy and the environment?”
The Volterra and Jacobs’ entry “Pricing
for Prosperity,” sets out how present U.K. fuel and
vehicle excise duties can be replaced by a road user charging system
that results in faster journeys, guaranteed journey times, and less
congestion and pollution.
"We’re honored to be one of the five finalists in the 2017 Wolfson Prize
in collaboration with Paul Buchanan and the team at Volterra Partners,”
said Jacobs Senior Vice President Buildings and Infrastructure Bob Duff.
“Given the huge potential in this proposed solution, we look forward to
working with governments worldwide to explore how a system like this
could be developed, allowing better directed resources to help alleviate
air quality, road congestion and road maintenance issues, as well as
encourage new car technology.”
The proposed solution offers motorists choices of routes and prices
depending on time of day, expected levels of congestion, type of vehicle
used (to take into account pollution impact), and provides a guaranteed
journey time. Any delays on the journey lead to either a partial or full
refund or potentially a compensation payment. In addition, motorists
making regular trips could, when congestion is predicted to be severe,
be offered money either not to travel or to do so at less busy times.
The submission suggests money raised from the scheme is used to maintain
and enhance the transport network, and to establish a community fund
which will be available to communities most impacted by road traffic to
mitigate and offset its impact.
Paul Buchanan, partner at Volterra and the submission’s principal author
said, “Thanks to new technology, our Pricing for Prosperity solution
offers the chance to radically reduce delays, fund a much better network
at lower cost to users, and drive environmental and safety improvements
while maintaining privacy for users. Drivers receive performance
guarantees and compensation if those are not met.”
About the Wolfson Economics Award 2017
The Prize is sponsored by Lord Wolfson of Aspley, and run in partnership
with the think tank Policy Exchange. It is the second largest economics
prize in the world after the Nobel Prize and this year attracted over
120 entries from seven countries. This year’s Prize was directed by
former Transport and Downing Street Special Adviser, Julian Glover. The
Prize invites new thinking to address major economic policy issues that
aren't already subject to significant public discourse.
About Jacobs
Jacobs is one of the world’s largest and most diverse providers of
full-spectrum technical, professional and construction services for
industrial, commercial and government organizations globally. The
company employs over 54,000 people and operates in more than 25
countries around the world. For more information, visit www.jacobs.com.
Executive
summary here.
Statements made in this release that are not based on historical fact
are forward-looking statements. We base these forward-looking statements
on management’s current estimates and expectations as well as currently
available competitive, financial and economic data. Forward-looking
statements, however, are inherently uncertain. There are a variety of
factors that could cause business results to differ materially from our
forward-looking statements. For a description of some of the factors
which may occur that could cause actual results to differ from our
forward-looking statements please refer to our Form 10-K for the year
ended September 30, 2016, and in particular the discussions contained
under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and
7 - Management's Discussion and Analysis of Financial Condition and
Results of Operations. We do not undertake to update any forward-looking
statements made herein.
John Siraut, Jacobs’ lead contributor to the submission, is available
for media interviews; please contact Vanessa Mourant: vanessa.mourant@jacobs.com
to arrange.
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Source: Jacobs Engineering Group Inc