Luxembourg launches Accelerator to support innovative asset managers in the area of climate finance
Luxembourg Minister of Environment Carole Dieschbourg and Minister of Finance Pierre Gramegna today announced the launch of the Climate Finance Accelerator, which will support new and innovative asset managers investing in projects with a measurable impact in the fight against climate change.
The Accelerator will offer various forms of support, including support in fund raising with institutional and public investors as well as financial and operational support during the launch phase of a new fund structure.
Thanks to a long track record in sustainable and impact finance (Luxembourg accounts for more than 60% of assets under management in European impact funds) and a tried and tested toolbox of fund vehicles ideally suited to this fast-growing segment of the fund industry, the Luxembourg financial centre is ideally placed to support the global fight against climate change and help leverage private investment. Thanks to the Accelerator, innovative asset managers will be able to benefit from the unrivalled fund expertise available in Luxembourg in order to maximise the chance of success of new projects that aim to mitigate or help adapt to the effects of climate change, whether in developed or developing nations.
The Accelerator is a joint initiative between the Luxembourg government and key industry players1 and was developed within the framework of the Climate Finance Task Force, bringing together public and private actors with the aim to further develop the climate finance ecosystem in Luxembourg.
The Accelerator follows other pioneering climate finance initiatives launched in Luxembourg since the ground-breaking COP21 agreement: these include the creation of a joint EIB-Luxembourg climate investment platform, the launch of the Luxembourg Green Exchange, the world’s first and only exchange dedicated exclusively to green securities, as well as the creation of climate finance and green bond labels by finance labeling agency LuxFLAG.
As Minister Gramegna noted, the launch of the Accelerator “marks another important milestone in the development of green finance in Luxembourg and underlines the financial centre’s pioneering role in this space.” Minister Dieschbourg added that “given its expertise and position, Luxembourg can play a leading role in green finance.”
1 Arendt & Medernach, Deloitte, Elvinger Hoss Prussen, EY, Innpact, KPMG, Luxembourg Microfinance and Development Fund, PwC