The Cleantech Venture Network announced that it is working to convert taxis to hybrids, a move that it says could save $50 billion in fuel costs over a decade and slash smog in cities.

North America has 196,000 taxis, which drive an average of 10 times more than regular passenger cars. “They are the largest contributors to smog in our cities,” said Jim Harris, Cleantech Venture Network managing partner, who alse added that 1 of every 5 children in Toronto develops asthma before becoming adults because of air quality problems.  Switching cabs to hybrids will save cab drivers an average of $1,200 to $1,500 per month on fuel, he said.

Even though leasing companies don’t generally lease to taxi companies or fleet owners because they drive too many miles, The Cleantech Venture Network is in discussions with GE Finance to try to negotiate this leasing at a higher cost, one that would still bring car drivers a return on their investment.  Harris said the institute is also in discussions with Toyota and the mayors of San Francisco, New York, London, and Toronto, to try to switch the cabs in those cities over to hybrids.

The institute plans to pin down partnerships and formally launch the program at a conference in May in Frankfurt, Germany, and hopes to get the leasing program up and running this year, Harris said.