The partnership aims to bolster climate resilience in emerging markets by providing affordable insurance and supporting climate change mitigation and adaptation projects.
The Luxembourg-EIB Climate Finance Platform (LCFP) has pledged EUR 5 million to support BlueOrchard’s innovative USD 100 million climate insurance fund. This initiative, backed by the Luxembourg government, aims to catalyze investment in high-impact companies in emerging markets involved in climate change mitigation and adaptation projects.
Gilles Roth, Luxembourg Minister of Finance, emphasized the importance of climate insurance in protecting communities from the social and economic impacts of climate change. “This cooperation demonstrates how private and public finance, climate expertise, and climate insurance can mitigate the impact of climate change on vulnerable regions,” Roth stated.
Serge Wilmes, Luxembourg Minister of the Environment, Climate and Biodiversity, highlighted Luxembourg’s commitment to climate action. He noted that the new support for the BlueOrchard InsuResilience Fund II will help vulnerable communities in developing countries prepare for and recover from climate risks.
The InsuResilience Investment Fund Private Equity II, managed by BlueOrchard, will focus on providing equity investments in companies that offer climate insurance. This initiative aims to enhance climate resilience in Asia, Africa, and Latin America by providing coverage against unavoidable climate-related losses and damages.
Ambroise Fayolle, Vice President of the European Investment Bank, highlighted the strategic importance of investing in climate resilience. “The InsuResilience Investment Fund II will support equity investments in climate insurance technology, empowering insurers to better manage climate risks,” Fayolle said.
Philipp Mueller, CEO of BlueOrchard, expressed his commitment to building resilience against climate change. “Our partnership with the EIB reflects our shared dedication to supporting the most vulnerable regions and households,” Mueller remarked.
The collaboration between the EIB, BlueOrchard, and the Luxembourg government follows the successful deployment of the predecessor InsuResilience Investment Fund, which has reached nearly 58 million beneficiaries in underserved communities, with a goal of reaching up to 110 million beneficiaries by 2025.