GGF RETAINS LUXFLAG CLIMATE FINANCE LABEL
• The GGF has been recognized by LuxFLAG for its commitment to green finance since 2011
• The Climate Finance Label verifies that GGF’s activities are directly linked to climate change mitigation and adaptation
Luxembourg, 20 February 2018 – The Green for Growth Fund (GGF) has been awarded LuxFLAG’s Climate Finance Label for a second year. The fund was among the initial recipients of the specialized label since its launch in 2016 and had previously been continuously awarded with the LuxFLAG Environment Label, since 2011.
The LuxFLAG Climate Finance Label reassures investors that at least 75% of the funds are invested in activities related to climate change mitigation and adaptation. LuxFLAG also identifies funds with the Climate Finance Label as targeting a number of the Sustainable Development Goals, including ‘affordable and clean energy’ and ‘climate action’. To date only four investment funds have undergone the thorough application process and received the label.
GGF Chairman Christopher Knowles stated: “We are very pleased to receive the LuxFLAG Climate Finance Label again this year. This label recognizes the fund’s commitment to its mission of reducing energy consumption and CO2 emissions and we believe that in holding this label, the GGF can mobilize additional financing from private and institutional investors, further fighting climate change.”
“The LuxFLAG Climate Finance Label is recognized for its high standards and rigorous assessment of applicant investment funds’ investment policies, processes and climate impact. We are pleased to announce that the Green for Growth Fund meets the eligibility criteria of the label and therefore has been granted the use of the LuxFLAG Climate Finance Label for the second year consecutively," said Sachin S Vankalas, Director of Operations and Sustainability at LuxFLAG.
ABOUT THE GGF
The Green for Growth Fund invests in measures designed to cut energy use and CO2 emissions by a minimum of 20% in 19 markets across Southeast Europe, the Caucasus, Ukraine, Moldova, the Middle East and North Africa. The fund provides financing to local partners that on-lend to enterprises and private households, and it invests directly, primarily through the contribution of senior debt, in renewable energy projects. The GGF’s Technical Assistance Facility maximizes the fund’s investment impact through support for capacity building at local financial institutions and partners.
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB. The fund’s growing investor base comprises donor agencies, international financial institutions and institutional private investors, including the International Finance Corporation, the Dutch development bank FMO, the German ethical bank GLS, and Church of Sweden. The GGF is advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
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Media contact GGF
Tel: +49 (0)69 271 035-171