Women with brown hair wearing smart navy coat stands with tractors in background


The Green for Growth Fund (GGF) enjoys the support of public investors, international financial institutions, and private institutional investors. As a public-private partnership, the GGF can leverage funds from public investors, in the form of first-loss C shares, and international financial institutions' funds in the form of mezzanine shares, to access private capital in the senior shares and notes. This “blending” of funding from public investors and international financial institutions increases the effectiveness of both, by bringing in additional private capital that might not otherwise be attracted to the sector.

Investors that have invested in the GGF are the European Investment Bank; Germany’s KfW Development Bank; the European Bank for Reconstruction and Development; International Finance Corporation (IFC), a member of the World Bank Group; the European Commission; the German Federal Ministry for Economic Cooperation and Development (BMZ); OeEB, the Development Bank of Austria; and FMO, the Netherlands Finance Company.


Private institutional investors that have invested in the GGF so far include the German impact asset management firm Finance in Motion; ASN Bank, the largest sustainable bank in the Netherlands; GLS Bank, a German bank with a focus on social and environmental impact investing; Deutsche Bank; the Austrian-based fair-finance Vorsorgekasse AG; the the Dutch Foundation Stichting Democratie and Media, and Raiffeisen Bank International.


The Green for Growth Fund is a closed-end investment company, established on December 17, 2009, under the laws of the Grand Duchy of Luxembourg as a public limited company that qualifies as a “société d'investissement – capital variable” (SICAV). The GGF was set up for an unlimited duration and is open to institutional investors only. The GGF utilizes a tiered risk-sharing structure, designed to attract commercial capital from multilateral and private institutional investors.

The fund’s liabilities consist of the following five types of securities:



GGF is an impact fund that aims to mitigate climate change and promote sustainable economic activity, primarily by investing in measures that reduce energy consumption, resource use and CO2 emission. The fund further strives for systemic impact by raising awareness of the importance and benefits of energy efficiency, resource efficiency and renewable energy measures, as well as by developing the capacity of local institutions to successfully deliver and promote green finance.  

In line with its sustainable investment objective, the Fund falls within the scope of Article 9 of the Regulation (EU) 2019/2088 on the Sustainable Finance Disclosure Regulation (SFDR).For sustainability-related disclosures in line with the requirements of the SFDR and more details on the Fund’s approach to impact and sustainability, please refer to:

Statement on integration of sustainability risks for a description of relevant sustainability risks and information on the Fund’s policies on integration of these risks in its investment decision-making process.       

Statement on consideration of principal adverse impacts on sustainability factors for a description of relevant principal adverse impacts and the policies and actions to identify, prioritise, and address such impacts as well as a summary of the Fund’s engagement policies. 

Statement on sustainable investment objective for a description of the sustainable investment objective of the Fund and its (investment) strategy to attain that objective, along with the approach to measuring, monitoring, and managing impact.