On 15 July 2007, Paris launched Vélib, a 24/7 cycle hire scheme that is changing the face of transport in Paris. By the end of 2007, a total of 20,600 cycles will be available for hire at 1451 stations around the city. In the first three months of operation there were 100,000 users daily, traveling 300,000 km, this translates to a 32,330 tCO2 reduction of emissions annually. Importantly Vélib is a viable economic story, the City of Paris will generate €34 million over the first 10 years of the project without investing a single cent. In exchange, the company which invested €80 million upfront, will pay operating costs plus €3.4 million annually to Paris for rights to advertising space, and is expected to generate around €60 million annually in advertising revenues.