A consortium of eight international development banks has committed to investing in low-carbon transport solutions, funding projects to promote climate change in transport.
In a statement at the 21st United Nations Climate Change Conference (COP21) in Paris, the banks committed to substantially increase financing for climate change mitigation and adaptation, with transport expected to play a key role.
The consortium consists of 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. The banks have previously pledged US$175 billion by 2022 in financial resources for sustainable transport.
Jonathan Taylor, European Investment Bank Vice President responsible for climate action, says, “The European Investment Bank is committed to supporting schemes that transform national mobility and cut congestion in growing cities. Transport is the second largest source of carbon emissions and greater co-operation among the world’s public banks will ensure new sustainable transport projects can make a more effective contribution to fighting climate change.”
Thomas Maier, EBRD Managing Director for Infrastructure, says, “Transport is a core sector in our climate finance activities. With the adoption of a Green Economy Transition approach, the EBRD will aim to increase its environmental financing to 40% of total annual finance by 2020.”
Laura Tuck, World Bank Vice President for Sustainable Development, says, “Transport must be a significant piece of the climate solution. We have the opportunity to transform transportation services so they are low-carbon and resilient to climate impacts. We stand ready to work with countries as they develop low carbon and climate-resilient transport activities.”