Luxembourg earmarks €200m for global climate action
Luxembourg will roll out €200 million over the next four years to finance projects around the world aimed at boosting climate action, the Environment Ministry said on Monday.
Around €40 million of the total will go towards initiatives such as the Green Climate Fund while €25 million will finance projects by non-governmental organisations (NGOs).
Some of the NGO projects include providing clean drinking water in Vanuatu in the South Pacific, using solar power. The system will be more robust than the current pumping method which has been in place for the past decade, meaning that people will still have access to water after natural disasters such as cyclones, which the islands often experience.
The government will also contribute towards the conservation of endangered mountain species in countries such as Bhutan, the Virunga mountains in Rwanda and Tajikistan.
Half of the funding that NGOs receive will help projects in Africa, 35% in Asia and 15% in Latin America.
Luxembourg also co-funds schemes alongside the private sector and large institutions, such as the European Investment Bank (EIB). Projects to be supported will focus on sustainable finance, biodiversity, climate migration and human rights.
Luxembourg has allocated €120 million to finance international climate projects over the past six years.