Last month, Luxembourg Minister for the Environment, Carole Dieschbourg, and Minister of Finance, Pierre Gramegna, officially opened Luxembourg-BEI, a platform for climate financing, with EIB’s president, Werner Hoyer. At the beginning of the month, Luxembourg gave the United Nations its ratification instrument for the Paris Agreement and agreed to contribute €30 million to this new EIB initiative. This is a key element of the country’s engagement in funding climate action. Luxembourg’s contribution to international climate funding is €120 million, which is equal to €215 per resident, thus making it one of the biggest funding bodies. The contribution of Luxembourg-EIB to the mobilising of private investment with regard to climate and its reinforcing of funds dedicated to climate-related projects was presented to the country representatives, financial institutions and international fund managers taking part in the COP 22 climate conference in Marrakesh, Morocco. The new platform has been praised as being an international model for reinforcing climate investment. It relies on limited public support and represents a key step in finding solutions to the challenge of limited fund investments in this area. This new initiative aims to support climate fund investments based in Luxembourg in order to increase investment for climate-related projects both in and outside the EU. The European Investment Bank (EIB) will be in charge of its management, thus making it the first climate funding and investment body in the world.
