A Luxembourg delegation attended COP28, comprising H.R.H. the Grand Duke of Luxembourg, as well as representatives of the Ministry of Finance, the Ministry of Foreign and European Affairs, Defence, Cooperation and Foreign Trade, the Administration of Technical Agricultural Services, and the Ministry of the Environment, Climate and Biodiversity, including their Minister.
The annual United Nations Climate Change Conferences, held under the United Nations Framework Convention on Climate Change (UNFCCC), bring together parties known as the Conference of the Parties (COP) to assess progress in addressing climate change. Since the mid-1990s, these conferences also include negotiations for agreements like the Kyoto Protocol, aiming to establish legally binding commitments for nations to reduce their greenhouse gas emissions.
During COP21 in 2015, a global consensus emerged to restrict the increase in global temperatures to 1.5°C by 2050, relative to pre-industrial benchmarks. Scientific evidence emphasises the imperative of cutting emissions in half by 2030 to stay on course. With just seven years remaining to achieve this milestone, COP28 in the UAE presented a crucial occasion to reassess, revitalise, and realign the world’s approach to the climate agenda.
On this occasion, the Ministry of Finance of Luxembourg organised an event on “blended finance: bridging public and private finance for climate solutions”, including speakers from the SDG Impact Finance Initiative, EIB Global, BlueOrchard, Convergence and the Ministry. The side event offered valuable insights through real-life examples, illustrating various blended finance initiatives.
Jenny De Nijs, Head of Sustainable Finance at the Ministry of Finance, was also a speaker at an event organised by the Luxembourg Stock Exchange and UN Women, titled “Gender finance – the time is now”. This side event aimed to provide a detailed overview of how capital markets can help accelerate financing for gender equality and women’s empowerment around the world.
COP provides an excellent occasion to connect with individuals outside the usual business circles. The Ministry of Finance took advantage of this platform to engage with both longstanding and new partners, exploring potential collaborations and discussing ideas for further cooperation.
On December 13, one day after the official closing of COP28, nations reached a ground-breaking "UAE consensus." This consensus includes the Global Stocktake—a mechanism enabling countries and stakeholders to collectively assess progress towards the objectives outlined in the Paris Climate Change Agreement established at COP21 in 2015. This consensus, agreed upon by almost 200 countries, comprises an “unprecedented reference to transition away from all fossil fuels” and a “significant step forward in expectations for the next round of national commitments”, “builds momentum in the financial architecture reform agenda” and includes a “new specific target on tripling renewables and doubling energy efficiency by 2030”.
The outcome of COP28 in numbers:
