Eight multilateral development banks today issued a joint statement, committing to accelerate their efforts to mitigate transport emissions and recognizing the need for more action on the resilience of transport to climate change. The sector accounts for about 60% of global oil consumption, 27% of all energy use, and 23% of world energy-related CO2 emissions.
In their statement, the African Development Bank, Asian Development Bank, CAF-Development Bank of Latin America, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank, and the World Bank pledged to speed up action on climate change, low-carbon transport solutions and adaptation.
“We, the multilateral development banks, believe that climate change is a defining challenge of our time. Actions to reduce greenhouse gas emissions and stabilize warming at 2 degrees Celsius will fall short if they do not include the transport sector. We commit to support countries in the implementation of sustainable transport solutions by providing critically needed financial and technical support to assist them in responding to rising aspirations for greater mobility and connectivity, in a sustainable and resilient way,” said Luis Alberto Moreno, President of the Inter-American Development Bank.
Photo: ÖBB/Posch
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