Credit: MFIN
The Luxembourg government today signed an agreement for the subsidisation of the sustainable investment products labelling agency LuxFLAG.
On 24 January 2019, Minister of Finance Pierre Gramegna, Minister of the Environment, Climate and Sustainable Development Carole Dieschbourg and Minister of Cooperation and Humanitarian Action Paulette Lenert signed a new multi-year agreement between the Luxembourg government and LuxFLAG.
The agreement reflects Luxembourg's desire to strengthen its position in sustainable finance at the European level and the role LuxFLAG has to play in improving the transparency of sustainable investments at the economic, social and environmental level and to ensure investor confidence in these markets.
The Ministry of Finance, the Ministry of the Environment, Climate and Sustainable Development and the Directorate of Development Cooperation and Humanitarian Action of the Ministry of Foreign and European Affairs have thus undertaken to finance an annual subsidy for LuxFLAG for a minimum period of three years until 31 December 2021.
Carole Dieschbourg commented on this agreement: "Sustainable finance will enable Luxembourg to fulfil its role in achieving sustainable development through the implementation of the Paris Agreement and the 2030 Agenda Transparency is a key factor in accelerating the reorientation of financial flows towards renewable energy-based solutions and sustainable resource management."
The grant will cover the achievement of growth objectives, the implementation of the European labelling strategy and allow the agency to pursue adequate investments to maintain quality and prepare LuxFLAG for future challenges.
