How is Luxembourg positioning itself in follow-up of COP21 in Paris?
Marc Bichler, Ambassador-at-large for climate change, Ministry of Foreign and European Affairs, Government of the Grand Duchy of Luxembourg, comments on the post-COP21 initiatives in the financial sector.
At the COP21, 195 countries plus the European Commission expressed their political will at the highest level to launch the transition from the fossil fuel economies and lifestyles towards renewable energies and increased energy efficiency. It is important to recognise that in this energy transition lie many new and huge economic opportunities including for job creation as well as opportunities for investment. The implementation of this unprecedented global political commitment in the fight against the climate change will require very important new flows – financial flows both from the public and from the private sector side.
The governments would be well advised around the globe to examine how to make the best use of their public funding in order to leverage private sector investment. Luxembourg government for its part is doing so for certain as we speak in close consultations with private sector actors as well as the multilateral partners like European Investment Bank for example. The aim being to establish Luxembourg also as an international centre for climate finance.
Read Marc Bichler's speech at the ALFI European Alternative Investment Funds Conference on 19 & 20 January 2016.