Luxembourg and the European Investment Bank (EIB) yesterday held a joint event on scaling up private finance for climate action at the 2019 United Nations Framework Convention on Climate Change (COP25) in Madrid, Spain.
During a keynote, EIB President Werner Hoyer and Luxembourg's Minister of Finance, Pierre Gramegna, stressed the need for increased partnership and cooperation between the public and private sector to meet the goals of the Paris Agreement and looked back on the successful partnership between Luxembourg and the EIB in mobilising finance to tackle climate change.
The event highlighted the Luxembourg-EIB Climate Finance Platform, as an innovative example to mobilise private finance for climate action. The Luxembourg-EIB Climate Finance Platform, a fund endowed with an initial €30 million by the Grand Duchy, has been investing in projects with a strong impact in the fight against climate change since 2017.
The partners announced the launch of the second phase of the LCFP that will run for another five years until the end of 2024, with Luxembourg committing a further €40 million to the fund.
In the second panel, EIB Vice President Emma Navarro joined Carole Dieschbourg, Luxembourg's Minister for the Environment, Climate and Sustainable Development, José Carlos García de Quevedo, Chairman of the Instituto de Crédito Oficial, and Javier Manzanares, Deputy Executive Director of the Green Climate Fund, to discuss concrete examples of innovative climate finance solutions from around the world.
The COP25 climate summit is being held in Madrid from 2 to 13 December 2019.