LuxFLAG, the Luxembourg Finance Labelling Agency, has announced that East Capital China Environmental, Green for Growth Fund Southeast Europe and NSF Climate Change+ Fund are the first three investment funds that have been awarded the LuxFLAG Climate Finance Label.
Karine Hirn, Partner of East Capital, based in Hong Kong, said “ We were impressed by LuxFLAG’s accreditation process and level of requirements; this makes us even more proud to be granted the Climate Finance Label which confirms that East Capital China Environmental invests in companies that contribute to limiting the scope and effects of climate change.”
Christopher Knowles, Chairman of the Board of Green for Growth Fund advised by Finance in Motion, said “ We are honoured 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 specialised 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.”
Olivier Rouget, Founding Partner, Nevastar Finance, said "Nevastar Finance Luxembourg SA is a proud member of the Luxembourg investment management community and we believe we were the first to launch a dedicated Climate Change fund back in 2007. We are delighted to have these efforts recognised by LuxFLAG and we look forward to be the torchbearer of Climate Change investing in Luxembourg."
In September this year, LuxFLAG launched its Climate Finance Label with the aim to set a transparent environment for Climate Finance investments and unlock capital from institutional and private investors in order to help finance climate change action. One of the primary eligibility criteria of the Climate Finance Label is that the applicant fund’s investments must be in mitigation and/or adaptation of climate change or crosscutting activities for at least 75% of total assets. The label is available to regulated UCITS and AIFMD funds domiciled in any EU country or subject to an EU equivalent supervision.
Furthermore, two investment funds have been granted the ESG Label for the first time: BNP Paribas L1 Smart Food and Parvest Smart Food. Maj Invest Financial Inclusion Fund II K/S has been granted the Microfinance Label for the first time. Jupiter Global Ecology Growth has been granted the Environment Label for the first time.
LuxFLAG renewed the Microfinance Label for two funds: BlueOrchard Microfinance Fund and Microfinance Initiative for Asia; it also renewed the Environment Label for six funds: BNP Paribas Aqua, BNP Paribas L1 Equity World Aqua, Parvest Aqua, Parvest Environmental Opportunities (to be renamed Parvest Climate Impact), Parvest Global Environment and Parvest Green Tigers.
LuxFLAG has issued 58 investment fund labels (30 Microfinance, 11 Environment, 14 ESG, 3 Climate Finance funds) worth over €13.5 billion assets under management.
