COP25: Luxembourg-EIB joint event at COP today - Scaling up private finance for climate action

At the UN Climate Change Conference in Madrid, the Grand Duchy of Luxembourg and the European Investment Bank, the EU bank, organised a side-event to discuss challenges and solutions to scale up private finance for climate action.

During a keynote conversation, EIB President Werner Hoyer and Pierre Gramegna Minister of Finance of Luxembourg, 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 the Luxembourg and 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 EUR 30m 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 run for another five years until the end of 2024, with Luxembourg committing another EUR 40 million to the fund.

In the second panel, EIB Vice President Emma Navarro joined Carole Dieschbourg, Minister for the Environment, Climate and Sustainable Development, Luxembourg, José Carlos García de Quevedo, Chairman, Instituto de Crédito Oficial and Javier Manzanares, Deputy Executive Director, Green Climate Fund to discuss concrete examples of innovative climate finance solutions from around the world.

See more information about the EIB participation in COP 25 and a selection of videos, blogs, podcasts

COP25: Scaling up private finance for climate action — UN Climate Change Conference
Photographer: Heidi Lipsanen ©EIB
Download original

From left to right: I. Vicente, ICO; J. Manzanares, Green Climate Fund; EIB President W. Hoyer; C. Dieschbourg, Minister for the Environment of Luxembourg; E. Navarro, EIB Vice-President and P. Gramegna, Minister of Finance of Luxembourg — UN Climate Change Conference
Photographer: Heidi Lipsanen ©EIB
Download original

COP25: Luxembourg-EIB joint event at COP today - Scaling up private finance for climate action — UN Climate Change Conference
©EIB
Download original

Contact

Sabine Parisse

s.parisse@eib.org
+352 4379 - 83340

Press Office

press@eib.org
+352 43791

Reference

2019-345-EN

20 October 2016

Luxembourg and the EIB pioneering in the field of innovative climate finance to support high impact climate action projects

The Grand Duchy of Luxembourg and the EIB launch the Luxembourg-EIB Climate Finance Platform, aiming to mobilise investments for projects with a strong impact in the fight against climate change. The platform will contribute to the implementation of the Paris Agreement and is a tangible step towards compliance with both Luxembourg’s international commitments and the EIB’s Climate Strategy. It is the first time a Member State enters into such a partnership for innovative climate finance with the EIB and it establishes further Luxembourg as a green financial centre.

14 November 2016

Luxembourg – EIB partnership highlighted as global example to unlock additional climate investment

The Luxembourg – EIB Climate Finance Platform has been welcomed as an international model for increasing climate investment using limited public sector support and representing a key step to tackle the challenge of limited equity investment in climate projects. The new initiative will enable climate focused investment funds to support high-impact climate projects around the world and bring in additional support from private investors who otherwise could not back more challenging climate schemes.

12 November 2019

EIB Donors Conference: Luxembourg and EU bank strengthen their cooperation on microfinance and climate action

The Grand Duchy of Luxembourg and the EIB have committed to working ever more closely together on two of their joint priorities: the development of the microfinance sector in ACP countries and the fight against climate change. At the EIB’s annual Donors Conference, taking place in Luxembourg today, they launched a Financial Inclusion Fund, dedicating EUR 3.6m to support for micro and small businesses in Africa, the Caribbean and the Pacific. They also agreed to extend the Luxembourg-EIB Climate Finance Platform, which was originally established in 2017 for three years.