COP25: Luxembourg-EIB joint event at COP today - Scaling up private finance for climate action
9 December 2019
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.
Iberdrola today signed an agreement with the EIB and the Instituto de Crédito Oficial (ICO) to drive the green recovery by developing new renewable energy capacity in Spain. To this end, the EIB and ICO will provide €600 million and €200 million, respectively, to the Spanish energy company to finance the construction of over 20 projects with total capacity exceeding 2 000 MW. These new facilities will provide green, competitive energy equal to the average annual energy use of almost 1 million households.
With a view to promoting and expanding climate finance in Europe and beyond, the EIB and the International Climate Finance Accelerator Luxembourg (ICFA) have signed a Memorandum of Understanding (MoU) to strengthen their collaboration.
Wide-ranging cooperation over the next three years between the EIB and the Cityof Turin for the implementation of projects combating climate change. That is the aimof the framework agreement signed today between the bank of the European Union and the capital of Piedmont, an agreement that marks the launch of an operating phase based on potential investment financing operations, technical assistance for such investments and cooperation for better use of EU structural funds. This is the EIB's first climate agreement with an Italian city and the second in Europe. The Bank is committed to aligning all its financing activities with the climate goals of the Paris Agreement.