Multilateral Development Banks Announce US$175 Billion for Sustainable Transport
20 June 2012: On sidelines of the UN Conference on Sustainable Development (UNCSD or Rio+20), eight of the largest multilateral development banks (MDBs) announced their commitment to provide over US$175 billion of loans and grants to support sustainable transportation systems over the next decade.
The announcement was made by the Asian Development Bank (ADB), the World Bank, the Development Bank of Latin America (CAF), the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB), and the Islamic Development Bank.
The pledges were made based on the recognition that global carbon dioxide emissions from the transport sector are projected to increase nearly 50% by 2030, with profound environmental, economic and social consequences, unless dramatic changes are adopted.
The pledges for sustainable transport investment were the result of the Partnership on Sustainable, Low Carbon Transport (SLoCAT) Rio+20 campaign. SLoCAT, a partnership of over 50 organizations including development banks, non-governmental organizations (NGOs) and business sector organizations, aims to improve the knowledge on sustainable low carbon transport, help develop better policies and catalyze their implementation. [UN Press Release] [SLoCAT Website] [ADB Press Release]