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Prime Minister Xavier Bettel and Minister of the Environment Carole Dieschbourg attend the “One Planet Summit” in Paris

Published Tuesday December 12 2017

On 12 December 2017, on the second anniversary of the adoption of the Paris Climate Agreement, Prime Minister Xavier Bettel and Minister of the Environment Carole Dieschbourg attended the “One Planet Summit” in Paris, an initiative by President Emmanuel Macron of France, co-organized by France, the United Nations and the World Bank. The Summit was part of the implementation process of the Paris Agreement. Participants in particular discussed financing of climate actions and alignment of financial flows with a view to reducing greenhouse gases and protecting populations against climate change.

World leaders and representatives from the public and private sectors, as well as the non-governmental sector, took part in the Summit. Prime Minister Bettel participated in a panel moderated by President Macron on “Mobilising the financial system for better climate integration”. In his speech, the Prime Minister addressed in particular the third goal of the Paris Agreement which aims to make financial flows compatible with low greenhouse emissions. The Prime Minister indicated that Luxembourg has taken a number of initiatives to reorient international financial flows towards more sustainable investments and to play an important role in green finance. Luxembourg has thus launched, together with the European Investment Bank, a climate finance platform to mobilise investment for projects with a strong impact to counter climate change, and is investing 30 million euros in this platform.

The Luxembourg-EIB climate finance platform recently announced its inaugural investment of 5 million EUR to support energy efficiency and renewable energy development in the MENA region, through the “Green for Growth Fund”. The investment will enable the “Green for Growth Fund” to leverage private funding, increasing impact in the region.  

"To help develop new green capital markets, the Luxembourg government is partnering with the International Finance Corporation of the World Bank to launch the Green Cornerstone Bond Fund, an investment fund domiciled in Luxembourg whose objective is to develop green finance in emerging markets, buying green bonds issued by banks in these regions, in Africa, Asia, the Middle East, Latin America and Eastern Europe”, indicated the Prime Minister in his remarks. He added that Luxembourg, with private sector partners, has also created a “Climate Finance Accelerator”, to train fund administrators in the field of green finance.

Prime Minister Bettel stressed that “all these new initiatives illustrate the government’s efforts to establish Luxembourg as a center for sustainable finance as part of our contribution to the international fight against climate change.” 

The Minister of the Environment, Carole Dieschbourg, participated in three Ministerial roundtables and held bilateral meetings with a number of her counterparts and with representatives of international institutions.