GGF again awarded LuxFLAG Label for environmental funds
- LuxFLAG environmental label awarded for second consecutive year
- GGF one of 6 funds to receive this independent certification for 2013
Frankfurt, 10 January 2013 - The Green for Growth Fund, Southeast Europe (GGF, the Fund) has again been awarded the LuxFLAG Environment Label in 2013. This marks the second consecutive year that the GGF has earned this important independent industry label.
The LuxFLAG Environmental Label certifies that at least 75 percent of the GGF's assets are invested in a responsible manner in environment-related sectors. The Fund's investments in energy efficiency and renewable energy have helped achieve annual savings of more than 125,000 tons of CO2 and 504,000 MWh of energy1. The GGF, which first received the LuxFLAG label in 2012, was also one of the first awardees after the label was launched in late 2011. The LuxFLAG Environmental Label is awarded for a period of one year and can be renewed on expiry.
"We are delighted to receive this recognition from LuxFLAG for the second year in a row, and it is a clear affirmation of our investment philosophy," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe. "LuxFLAG is a valued, independent label for environment-related investments."
LuxFLAG (Luxembourg Fund Labelling Agency) was formed in 2006 as an independent, non-profit association backed by representatives from the private sector, non-governmental organizations and the State of Luxembourg. The Agency aims to promote the raising of capital for microfinance and environment-related sectors by awarding a recognizable label to eligible microfinance investment vehicles (MIVs) and environment-related investment vehicles (EIVs). LuxFLAG's objective is to reassure investors that the MIV/EIV actually invests, directly or indirectly, in the microfinance/environment sector. The MIV/EIV may be domiciled in any jurisdiction that is subject to a level of national supervision equivalent to that available in European Union countries2.
1 Based on figures as at 30 September 2012
2 The label is not a guarantee of performance nor does it constitute a recommendation to invest. Investors must not rely on LuxFLAG or the LuxFLAG Label with regards to investor protection issues and LuxFLAG cannot incur any liability related to financial performance or default of the GGF. For more information, please visit www.luxflag.lu.
ABOUT THE GREEN FOR GROWTH FUND, SOUTHEAST EUROPE (GGF)
Initiated in December 2009 by the KfW Entwicklungsbank (the German Development Bank) and the European Investment Bank (EIB) with the financial support of the European Commission, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and Netherlands Development Finance Company (FMO), the Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering renewable energy sources in Southeast Europe, including Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo*, Montenegro, Serbia and Turkey as well as in the nearby European Eastern Neighborhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households for energy efficiency projects. The GGF also invests directly in specialist energy service companies (ESCOs) as well as energy service and supply companies, and renewable energy projects. The GGF's activities are supported by a Technical Assistance Facility. The GGF is a public-private partnership with an investor base of donor agencies, international financial institutions and institutional private investors. The GGF is registered under Luxembourg law as a SICAV (variable capital investment company). The GGF is privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg, in concert with the fund advisor, Finance in Motion GmbH, Frankfurt/Main, Germany, and a technical advisor, MACS Management & Consulting Services GmbH, Frankfurt/Main, Germany.
* (This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence)
Green for Growth Fund, Southeast Europe
T: +49 (0) 69 9778 7650-171