Luxembourg and the European Investment Bank (EIB) have launched a platform to fund projects aimed at tackling climate change.
Under the Luxembourg-EIB Climate Finance Platform, the nation will make €30 million (£26.7m) of funding available in the next three years.
It will allow the EIB to co-invest and will bring in third-party investors from the private sector.
The project aims to contribute to the implementation of the Paris Agreement by mobilising investments for projects with a strong impact in the fight against this issue.
Luxembourg’s Minister for Finance Pierre Gramegna: “I am proud that Luxembourg is the first country to conclude such a partnership with the EIB in the field of climate finance.
“The Paris Agreement highlighted the need for a significant financial contribution from the private sector in order to achieve the yearly $100 billion (£89bn) by 2020. This is precisely what we aim to do with the Luxembourg-EIB Climate Finance Platform. This co-operation constitutes a further building block in establishing Luxembourg as a true green financial centre.”
The impacts of Brexit in the energy sector will be part of the discussions at the Energy Live 2016 conference in London next Thursday. There are limited free tickets for energy end users and university students.