From Monday, October 24th, 2022, the Global Green Growth Institute (GGGI) organized a Global Green Growth Week to provide engagement with global green growth leaders and practitioners, forge partnerships, and provide participants with learning and sharing opportunities across a range of sectors and topics to address the main theme of the event “Unlocking the Potential of Green Growth and Climate Finance Innovations”.
As of Monday, 24th October, discussions focused on Linkages between the Financial Mechanism & the Market Mechanism for facilitating the participation of private sector in sustainable transport.
According to the projections, Global surface temperature will continue to rise until 2050 under all emissions scenarios considered.
Global warming of 1.5 °C and 2°C will be exceeded in the 21st century without deep reductions in carbon dioxide (CO2) and other greenhouse gas (GHG) emissions in the following decades.
The transport sector is the second largest contributor of CO2 emissions globally, accounting for 24.5% of CO2 emissions in 2019.
This development is due to a growing population and a rapid rate of economic development in recent times, resulting in increased reliance on automobiles and other forms of GHG emitting transport.
Electromobility is seen as one of the potential solutions to mitigating the GHG emissions of the transport sector.
The EV market continues to grow, with an increasing reliance on electric vehicles. Governments are showing heightened support for the use of EVs, with this being one of the common strategies seen in NDCs.
In order to give effect to these strategies, it is encouraged of governments to utilize the financial (GCF) mechanism for the mobilization of green finance and the new market (ITMOs) mechanism for provisions for voluntary international cooperation between participating countries.
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