That is a very good question, but as far as I can tell there is no multilateral or REDD equivalent program specifically for Transportation. This is left to the discretion of individual governments with the power to reduce carbon emissions through subsidies for public transit. In the Cancun agreement I can’t find anything specifically related to transportation, although I’m sure this is counted in overall emissions reduction targets.
It raises an interesting question though; If market based solutions are inevitable in the fight against global warming, maybe we could use some corporate carbon offsets to fund better public transportation. However, the problem remains of the original pollution source shifting it’s responsibility to other sectors or even other countries simply because they have the money to do so.
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