Publication Date: November 2024
Abstract: Developed by SLOCAT in collaboration with the World Resources Institute, this set of key messages was developed under the 2024 Action Agenda of the “Call to Action to Double the Share of Energy Efficient and Fossil-Free Forms of Land Transport by 2030“.
The key messages outlines 4 things that countries can and should agree at COP29.
Key messages:
- Despite receiving around 29% of climate finance, the transport sector faces the largest investment gap of any sector. Many transport systems in low- and middle-income countries (LMICs) are still under development, making this decade a critical window to avoid inefficient investments and future costly retrofitting. However, clean transport will require an estimated USD 2.7 trillion a year until 2050. That’s seven times the current spending level. Natural hazards cause about USD 15 billion in damage to transport systems each year – with LMICs shouldering around USD 8 billion, the highest costs relative to GDP.
- A strong climate finance outcome at COP29 will empower developing countries to address rising climate impacts and inspire higher ambition for transport in the next Nationally Determined Contributions (NDCs). Building on the First Global Stocktake Decision and the COP28 Global Renewables and Energy Efficiency Pledge, it will send a strong signal to shift funding away from fossil fuels towards low-carbon transport systems. The investments will bolster national and local resilience, creating wider socio-economic benefits along the way.
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