Eight development banks from around the world have decided the best way to encourage more sustainable transit development is to combine their efforts. They are looking at accelerating their investments in transport solutions that are better for the environment than current transport solutions. Transportation consumes a heck of a lot of oil and even marginal decreases in oil consumption can save money and reduce the rate of climate change.

In their statement, the African Development Bank (AfDB), Asian Development Bank (ADB), CAF-Development Bank of Latin America (CAF), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (ISDB), and the World Bank (WB) 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.

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