The African Development Bank (AfDB) and its sister institutions have committed to providing US$175bn in finance to boost sustainable transport on the continent.
The UN Climate Summit in New York City was attended by 125 heads of state.
The transport sector accounts for over 90% of primary oil demand and is responsible for 23% of energy-related CO2 emissions. Africa has comparably low CO2 emissions from transport: 215 kg of CO2/per capita in 2008, which is 25 times lower than the world average. However this figure is expected to increase with the rise in Africa’s total oil demand.
The new joint statement by the multilateral development banks commits US$175bn in financing over 10 years for sustainable transport.