US$ 400 Billion Needed Annually to Reduce Oil Consumption in the Transport Sector
- Repowering Transport report: rapid increase in global transportation expected to cause up to 40% more oil consumption by 2030 under a business as usual scenario
- Compared to the estimated US$ 740 billion cost of annual global oil subsidies (IMF), the report estimates that a US $400 billion annual investment would diversify transport energy consumption away from oil and reduce oil consumption in transport by 2030
- Some countries are already taking substantial action: Brazil fuels nearly 25% of its transport sector with domestic biofuels; China plans to invest approximately US $15 billion in new energy vehicles over the next 10 years
New York, USA, 6 April 2011 – A report released by the World Economic Forum in collaboration with Booz & Company argues that countries seeking to reduce oil dependency and emissions of their transport sector must support the development, distribution and adoption of new technologies in transport through a structured policy approach, strong public-private partnerships, risk hedging and collaborative financing.
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