Have we lost Belgium?
The story of our missing forests and what we can do about it
On the 27th June, Investing for Development SICAV hosted both its AGM and a public conference: Have we lost Belgium? The story of our missing forests and what we can do about it.
The presenters considered the importance of blended finance and how it can serve to mitigate one of the most pressing problems of our time, climate change.
During this conference, we had the honour to listen to:
- Mr Rudi Belli, Senior Vice President at the BCEE, who opened the event;
- Minister of Finance, His Excellency, Mr Gramegna, who shared his thoughts on Climate Finance and what Europe can do about it;
- Professor Dr. Ravi Fernando, Chairman, Global Strategic Corporate Sustainability Ltd Sri Lanka, who delivered a keynote address on deforestation;
- Mr Kaspar Wansleben, Executive Director of Investing for Development SICAV who introduced the Forestry and Climate Change Fund and showed how this Luxembourg solution addresses climate change through blended finance.
Deforestation is one of the largest contributors to climate change, and overall, the CO2 emitted as a result of deforestation each year, exceeds the annual emissions of greenhouse gases from the entire Eurozone. This change is gathering pace, and it is estimated that 3.6 million hectares of primary rainforests have disappeared, an area the size of Belgium. In order to reverse these trends, and stabilise greenhouse gas emissions, the UN has estimated that USD 13 tn of funding is needed through to 2030.
Luxembourg has been highly supportive of efforts to mobilise capital in this regard and has worked on many initiatives to combat climate change, including supporting funds such as Investing for Development SICAV’s Forestry and Climate Chance Fund (FCCF), Luxembourg Green Exchange, its climate finance accelerator and the LuxFLAG Climate Finance label. Luxembourg is also a leader in the field of blended finance and now has USD 6 bn of blended finance domiciled in the territory.