Luxembourg is increasing its participation in international climate initiatives by 100 million euro, the Minister of Environment, Climate, and Biodiversity of Luxembourg, Serge Wilmes, said as he delivered his national statement at the COP29 summit, Olaylar reports.
"Luxembourg is one of the leading contributors to international climate finance. We will allocate 320 million euro from 2026 through 2030 for developing countries with a special focus on the most vulnerable states," he said.
The funds will be used to fight climate change in developing countries, he said, and Luxembourg will continue to support innovative financial instruments that will help mobilize private capital alongside public funds.
"Our financial assistance program will continue to be additional to our public development, which is 1 percent of national income," the minister noted.
He emphasized that the basic principles for Luxembourg are solidarity and ambition in achieving climate neutrality.
Luxembourg will continue to act following the commitments made under international agreements and seeks to maintain an active role in the global effort to address climate change.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest-level event - the summit of world leaders on climate action - was held on November 12-13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 Presidency has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for "Conference of Parties" and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
