News - 12.06.2023

GGGI opens European Liaison Office in Luxembourg

The Global Green Growth Institute inaugurated its European Liaison Office in Luxembourg, based in The LHoFT. The intergovernmental organisation brings a weight of expertise within the green and climate finance field, acting as a link between its partners, Member States, financial institutions and green projects in Africa, Latin America and Asia.

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During the inauguration, Minister of Finance Yuriko Backes, emphasised that “the establishment of a GGGI office in Luxembourg represents a vital step towards fostering international cooperation and knowledge exchange to tackle the pressing challenges of climate change and to promote green growth. The GGGI embodies our shared vision for more sustainable and inclusive financial markets.”

Minister for Development Cooperation and Humanitarian Affairs Franz Fayot noted that the partnership with the GGGI strengthens the Grand Duchy’s inclusive and innovative finance ecosystem. Minister for the Environment, Climate and Sustainable Development Joëlle Welfring highlighted that the GGGI’s expertise in the field of sustainable finance complement Luxembourg’s financial actors who push for more eco-friendly, climate-resilient and just finance models.

Ban Ki-moon, President of the Assembly and Chair of the Council of GGGI, via a video message noted that the collaboration has already created significant and lasting impacts in the fight against climate change.

The GGGI and the Luxembourg Stock Exchange, at the event, announced the creation of the ‘Global Trust Fund on Sustainable Finance Instruments’ program with the intent of mobilising capital via the issuance of green bonds and other instruments. Julie Becker, CEO of the Luxembourg Stock Exchange, commented on the program emphasising that the LuxSE “can share the expertise and experience we have acquired through the Luxembourg Green Exchange, and help establish sustainable bond markets in the countries which are included in the scope of this specific programme. This can be summarised in one powerful word: Knowledge sharing.”

The establishment of the Liaison Office in Luxembourg further strengthens Luxembourg’s role as a leading sustainable finance centre. The office will be able to leverage on the significant number of actors involved in this field in the Grand Duchy, including private firms, European Institutions, research institutions, and more in order to support the GGGI’s projects around the globe which bring vital support to the most vulnerable countries.