GGF AGAIN AWARDED WITH LUXFLAG LABEL FOR ENVIRONMENTAL FUNDS
- LuxFLAG environmental label awarded for third consecutive year
- GGF one of 9 funds to receive this independent certification for 2014
Luxembourg, 15 January 2014 - The Green for Growth Fund, Southeast Europe (GGF) has been awarded the LuxFLAG Environment Label for the third consecutive year. The LUXEMBOURG FUND LABELLING AGENCY (LuxFLAG) supports the financing of sustainable development by providing clarity for investors through awarding Labels.
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 since inception have helped achieve annual savings of more than 184,000 tons of CO2 and 729,000 MWh1. The GGF, which first received the LuxFLAG label in 2012, was also one of the first awardees after the label was launched. The LuxFLAG Environmental Label is awarded for a period of one year and must qualify each year for renewal.
"The label recognizes the rigor and discipline with which the fund implements environmental standards and achieves energy efficiency gains and CO2 reductions," said Christopher Knowles, Chairman of the Green for Growth Fund, Southeast Europe.
The LUXEMBOURG FUND LABELLING AGENCY (LuxFLAG) is an independent, non profit making, association created in Luxembourg in July 2006 by seven founding partners who are the Charter Members.
The Agency aims to promote the raising of capital for Environment related sectors by awarding a recognisable label to eligible Environment related Investment Vehicles (EIVs). Its objective is to reassure investors that the EIV actually invests, directly or indirectly, in the environment sector. The EIV may be domiciled in any jurisdiction that is subject to a level of national supervision equivalent to that available in European Union countries.2
1 Based on figures as at 30 September 2013
2 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)
The Green for Growth Fund, Southeast Europe (GGF) is dedicated to enhancing energy efficiency and fostering the use of 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 Neighbourhood region comprised of Armenia, Azerbaijan, Georgia, Moldova and Ukraine. The GGF provides refinancing to financial institutions for on-lending to enterprises and private households seeking to finance energy efficiency projects. The GGF also invests directly in small to medium-scale renewable energy projects. To maximize the impact of the Fund's investment activities, the GGF's Technical Assistance Facility offers capacity building support to local financial institutions and partners. The GGF was initiated as a public-private partnership in December 2009 by the KfW Development Bank (KfW) and the European Investment Bank (EIB) with the financial support of the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), and the European Bank for Reconstruction and Development (EBRD). Its growing investor base comprises donor agencies, international financial institutions and institutional private investors, and recently added the International Finance Corporation (IFC) and Netherlands Development Finance Company (FMO). The GGF, registered under Luxembourg law as a SICAV (variable capital investment company), 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 the 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.
Media contact GGF
Phone: +49 (0)69/977 876 50-320