According to the International Energy Agency (IEA), transport has the highest reliance on fossil fuels of any sector. Although its contribution to global emissions dropped sharply when the world hit pause during the pandemic, this has risen rapidly since borders reopened and lockdowns ended. The greatest increases have been recorded in developing markets: transport-related emissions in developing countries have increased more rapidly than in Europe or North America and this is a trend that is likely to continue in coming decades.

Transitioning to clean energy is not cheap. Cost will be a significant challenge for the sector moving forward. However, as Gido van Graas, Head of ING’s Energy Project Advisory Team noted in the Atradius Clean Energy Transition: A New Way Forward for Global Trade? event: “We see that there are huge investments required to support the energy transition. I believe that the liquidity is there to support that”.

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