Pierre Gramegna in New York for a financial mission under the sign of the green and digital transition

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The United States is one of the most important partners for the Luxembourg financial center. Luxembourg plays a leading role for players in the American financial sector in Europe, particularly in the sectors of asset management, wealth management and, since Brexit, non-life insurance. American banks and asset managers are among the largest employers in the financial sector and represent more than 20% of assets under management in the fund industry in Luxembourg.

During this financial mission, Pierre Gramegna met the leaders of several leading American financial institutions, to discuss their strategic priorities in Europe and Luxembourg, and more particularly their views on the digitization of financial services and the financing of the climate transition. In this context, the Minister notably mentioned the importance of strengthening transatlantic exchanges in the field of sustainable finance, with a view to making ESG standards and definitions interoperable and thus facilitating investments in sustainable projects and supporting the transition to carbon neutrality. Three major players have also agreed with the Minister to send teams to Luxembourg to jointly explore the potential of sustainable finance in order to ensure greater participation of the financial sector in achieving the objectives of the Paris agreement.

Pierre Gramegna also met Dan Schulman, CEO of PayPal, to discuss future trends in the world of payments, including the emergence of central bank digital currencies and crypto-assets. PayPal, leader and pioneer in electronic payment, has been present in Luxembourg for nearly 15 years, with its European headquarters.

The Minister of Finance also had an interview with Ligia Noronha, Deputy Secretary General of the United Nations and new head of the United Nations Environment Program (UNEP) in New York, as well as Eric Usher, head of the “Finance Initiative “from UNEP (UNEP FI), in preparation for COP26 in Glasgow. Luxembourg and UNEP are collaborating on several projects, particularly in the field of sustainable finance. In particular, UNEP supported Luxembourg in the development of the national roadmap for sustainable finance, which resulted in the establishment of the Luxembourg Sustainable Finance Initiative (LSFI). During this interview, Pierre Gramegna underlined the importance of “blended finance” mechanisms in order to mobilize private investments to achieve the ambitions of the Paris Agreement and the Sustainable Development Goals. Luxembourg has been a pioneer in this field, in particular with the establishment of a joint climate finance platform with the European Investment Bank.

Pierre Gramegna also took advantage of this mission in New York to visit the Talkwalker premises and talk to Tod Nielsen, the group’s new CEO. Founded in 2009, this innovative company and a world leader, active in the analysis of consumer data, is a remarkable example of a Luxembourg start-up conquering the American market.

Pierre Gramegna comments: “American financial institutions have a strong footprint in Luxembourg, which has been further strengthened since Brexit. I welcome the success of this first financial mission, which testifies to the gradual normalization of economic life on both sides. of the Atlantic. These physical meetings in New York have further strengthened relations between the Luxembourg financial center and the main American players. Our discussions show that sustainable finance and digitization, two priorities for emerging from the crisis been accelerated by the pandemic, constitute for the American entities a vector with strong potential for the development of their activities in Luxembourg and across Europe. United States and Europe to align approaches to sustainable investing.As an international financial center of As a leading and recognized pioneer in sustainable finance, Luxembourg will be able to play a key role in this context. “

Communicated by the Ministry of Finance

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