Pierre Gramegna, Luxembourg’s Minister of Finance, visited the United States to promote multilateralism and sustainable finance (part 2)

After Washington, Minister of Finance Pierre Gramegna continued on to New York City, the second leg of his visit in the United States and the first financial mission since the start of the pandemic. Luxembourg has a prime role for the US financial actors in Europe, especially in asset management, wealth management, and, since Brexit, non-life insurance.

Minister Gramegna met the leaders of several major leading financial institutions to discuss their strategic priorities in Europe and Luxembourg, particularly their views on the digitization of financial services and future trends in the payment industry, including the emergence of central bank digital currencies and crypto-assets. The Minister also addressed the financing of the climate transition and notably mentioned the importance of strengthening the transatlantic exchanges in the field of sustainable finance, with a view to making environmental, social and corporate governance (ESG) standards and definitions interoperable in order to facilitate investments in sustainable projects and support the transition to carbon neutrality.

The Minister of Finance also paid a visit to Ligia Noronha, UN Deputy Secretary General and Head of the United Nations Environment Program (UNEP), as well as Eric Usher, Head of UNEP’s Finance Initiative (UNEP FI), in the run-up to COP26 in Glasgow. Luxembourg and UNEP collaborate on several projects, particularly in the field of sustainable finance. UNEP supported Luxembourg in the development of the national roadmap for sustainable finance, which resulted in the establishment of the Luxembourg Sustainable Finance Initiative (LSFI). During this meeting, Pierre Gramegna underlined the importance of “blended finance” mechanisms in order to mobilize private investments to achieve the ambitions of the Paris Agreement and the Sustainable Development Goals (SDGs). Luxembourg has been a pioneer in this area, notably with the establishment of a joint climate finance platform with the European Investment Bank (EIB).

On the last day of his mission, Minister Gramegna visited Sacred Heart University in Fairfield, Connecticut. There he gave a speech on “How the EU is moving from the pandemic to a better tomorrow”, where he underlined that the EU is a union forged in fire, an unprecedented and unfinished project that has continued to grow stronger during times of crisis. Sacred Heart University has a strong link to the Grand Duchy, as it has a campus in Luxembourg since 1992.

More information on the mission in New York (in French)

Minister Gramegna interview for CNN’s First Move

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