GGF EARNS INAUGURAL LUXFLAG LABEL FOR CLIMATE CHANGE MITIGATION AND ADAPTATION
- The GGF is one of only three organizations to receive the certification
- The label verifies that GGF funds are combating climate change and its effects
Luxembourg, 19 December 2016 – The Green for Growth Fund (GGF) has become one of the world’s first impact investing organizations to earn the Climate Finance Label from LuxFLAG, the Luxembourg-based non-profit association for endorsing sustainable development investments.
LuxFLAG says the label is “granted to eligible investment funds financing climate change mitigation and/or adaptation measures. As an international and independent agency, LuxFLAG aims to provide a transparent assessment and certification to climate finance investment funds.” The association added that investors in funds with the label can be confident their investments are helping finance actions to fight climate change or soften its effects.
The GGF’s certification follows the fund’s receipt of its fifth consecutive annual LuxFLAG Environment Label in January. The Environment Label verifies that at least 75% of the GGF's assets are invested in a responsible manner in environment-related sectors.
GGF Chairman Christopher Knowles said: “We are honored and pleased to be among the initial recipients of the LuxFLAG Climate Finance Label. In 2011, we were one of the initial recipients of the LuxFLAG Environment Label. The new LuxFLAG Climate Finance Label represents an even more specialized label, one that better reflects the Green for Growth Fund’s mission to reduce energy consumption and CO2 emissions. We believe holding the LuxFLAG Climate Finance Label will help the GGF attract new private investors to its already considerable – and growing – private capital base, by providing external verification of the fund's ongoing success in achieving its goals.”
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 privately managed by Oppenheim Asset Management Services S.à r.l., Luxembourg and advised by Finance in Motion GmbH. MACS Management & Consulting Services GmbH, Frankfurt am Main acts as the technical advisor.
Media contact GGF
Phone: +49 (0)69/271 035-307