Luxembourg has fallen two places overall in the latest Global Green Finance Index (GGFI) ranking.

The GGFI is a factor assessment index based on various instrumental factors (quantitative measures) and a worldwide survey of finance professionals' assessments on the quality and depth of green finance offerings across 126 financial centres; the index includes 81 such centres.

London and Amsterdam retained their first and second positions in the ninth edition of the GGFI (GGFI 9), both improving their rating by more than ten points. New York moved into the top 10, taking fifth place.

Luxembourg dropped from fifth to seventh place overall and ranked third within the European Union (EU).

Nevertheless, the Grand Duchy performed well in terms of competitiveness relating to human capital and over 70% of respondents expected the country to improve its green finance offering in the coming two to three years.

Commenting on the index, Nicolas Mackel, CEO of Luxembourg for Finance (LFF), noted that "despite being one of the leading green financial centre, we must continue to work together on the goal of a true sustainable financial system globally. Indeed the inclusion of over eighty financial centres on the index, up from 47 in the three years ago shows how much progress sustainable finance has made. This is something that we should applaud as this progress is ultimately in everybody’s interest. However, while we are in a transition period it is clear that the onboarding of sustainable finance must speed up if we are to avoid the very dire consequences which the latest IPCC [Intergovernmental Panel on Climate Change] report warns of".

The full GGFI 9 report is available at: