Multilateral Development Banks join forces to ramp up Climate Action in transport

Luxembourg - Eight multilateral development banks 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 Finance: MDBs have recently committed to substantially increase financing for climate change mitigation and adaptation over the next few years. Transport is expected to play a key role in that commitment. - Low-carbon Transport Solutions: The MDBs will increase their focus on low-carbon transport solutions and will continue to harmonize tools and metrics to assess transport-related GHG emissions. - Adaptation: The MDBs will jointly develop a systematic approach to mainstream climate resilience in transport policies, plans and investments.

Source: IWR Online, 03 Dec 2015