A group of multilateral development banks announced from Paris they were committed to finding a sustainable way to address emissions in the transport sector.

The Asian, African, Inter-American and Islamic Development Banks joined the European Bank for Reconstruction, the European Investment Bank, the CAF-Development Bank of Latin America and the World Bank in pledging to speed up action in their support for the implementation of sustainable transport solutions.

"Investment to ensure more sustainable transport is crucial to cutting greenhouse gas emissions and delivering environmental, social and economic benefits," Jonathan Taylor, a climate official at the EIB, said in a statement.

The banks note the transport sector accounts for about 27 percent of total energy use, 60 percent of total world oil consumption and 23 percent of energy-related emissions of carbon dioxide, a potent greenhouse gas.

According to the World Bank, an estimated 1.1 billion people use India's transport sector, which in 2007 contributed 5.5 percent to the country's gross domestic product. A report from the International Energy Agency finds that, by 2040, energy demand for India increases more than any other country.

Combined, the eight development banks have contributed $65 billion to sustainable transport solutions.

"We are on track to meet our pledge of $175 billion of loans and grants for more sustainable transport in developing countries by 2022," they said in a joint statement.