Luxembourg to spend 50 million euros on urban sustainability
Minister of the Environment, Climate, and Sustainable Development, Joëlle Welfring, visited the Sustainable Development Goals Summit in New York. The politician met with colleagues from around the world to discuss the most pressing issues of energy transition, climate action, and environmental challenges.
The summit also hosted a roundtable of the City Climate Finance Gap Fund, an initiative of Luxembourg and Germany. It is an important international financial instrument aimed at increasing the sustainability of cities and improving the climate. The fund finances cities in the start-up phase of environmental projects.
Joëlle Welfring announced that Luxembourg will increase its annual contributions by 25%. From now on, they will amount to 12.5 million euros per year, and between 2024 and 2027, the country will pay about 50 million euros to the fund.