Independent global agency continues to certify fund’s contribution to climate change mitigation

GGF has continuously held LuxFLAG quality assurance labels since inception


Luxembourg – The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, has received the LuxFLAG Climate Finance Label for the third consecutive year.
Established in 2016, the LuxFLAG Climate Finance Label provides investors with independent quality assurance of the fund’s effectiveness in pursuing climate action. The international agency once again confirmed the GGF’s strengths in combating climate change by investing in measures to cut energy consumption, reduce CO2 emissions, and improve resource efficiency.

To achieve the certification, funds must meet strict criteria that include such requirements as: 


  • Demonstrate a direct link between the fund’s activities and climate change mitigation
  • Show a high level of transparency toward investors in terms of portfolio composition and documentation
  • Perform concrete performance monitoring and regularly report on results
  • Meet high environmental, social, and governance standards

Prior to the establishment of the LuxFLAG Climate Finance Label, the GGF had held the LuxFLAG Environment Label each year since 2012.
GGF Chairman Olaf Zymelka said: “We are honored to once again have our efforts recognized by this prestigious label. The GGF has always placed high value on transparency and measurability, and certification by this independent team of international experts attests to the fund’s success in pursuing its impact mission.”

Lloyd Stevens, Director at GGF advisor Finance in Motion, added: “With the LuxFLAG Climate Finance Label, our investors know that an investment in the GGF is a true impact investment. Climate action is not just part of what we do – it is what we do. The LuxFLAG Climate Finance Label shows that we deliver on this promise.”

“We are pleased that the Green for Growth Fund has been granted the use of the LuxFLAG Climate Finance Label for the third time in a row,” stated Sachin S Vankalas, Director of Operations and Sustainability at LuxFLAG. “This indicates GGF’s solid investment process focused on climate finance and integrating environmental, social, and governance standards, as well as an affirmation of their transparency to investors – which are key components of the eligibility criteria for the LuxFLAG Climate Finance Label.” 



The Green for Growth Fund (GGF) invests in measures designed to cut energy use and CO2 emissions and improve resource efficiency 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 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. 

An impact investment fund advised by Finance in Motion, 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, Church of Sweden, and ASN Bank. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor. 

For more information see and follow us on Twitter @GreenGrowthFund

Media contact GGFMerle Römer
Manager Marketing & Communications
Phone: +49 (0)69 271 035-171