Luxembourg’s Minister of Finance made these statements during the ALFI Conference in London on Thursday. It was the first time since the start of the pandemic that the meeting took place face-to-face in the UK’s capital.
The Minister opened the conference for fund industry professionals by listing “increased engagement of the private sector, and in particular the finance industry” in financing the fight against climate change as one of the positive outcomes of the COP26 conference in Glasgow.
Gramegna went on to say that the financial sector has become aware of “the particular role” it plays in the transition to a net zero emissions future and thus in achieving the objectives of the Paris Agreement. “It is by mobilising the resources of the financial sector, and in particular investment funds, that we will move from billions to trillions of euros”, the Minister stressed.
Gramegna also used the opportunity to meet the heads of financial institutes, which have set up or strengthened part of their operations in Luxembourg in the wake of Brexit. UK-based investment fund managers account for around 17% of all Luxembourgish funds.
The minister outlined the special relationship between London and Luxembourg, stressing that the British capital remains one of the Grand Duchy’s main financial partners in the world.
Gramegna concluded that these face-to-face meetings in London have “deepened Luxembourg’s relations with the main British players” and that the discussions highlighted “the need for closer cooperation to align our approaches to sustainable investment and FinTech”.
