Luxembourg, recognised as a world leader in climate and sustainable finance, was welcomed as the 51st future member state of the Global Green Growth Institute (GGGI), at a ceremony presided over by the president of the assembly and chair of the council of GGGI, Ban Ki-Moon. L to r: finance minister Gilles Roth, Ban Ki-Moon and environment minister Serge Wilmes. Photo: Pancake! Photographie

Luxembourg, recognised as a world leader in climate and sustainable finance, was welcomed as the 51st future member state of the Global Green Growth Institute (GGGI), at a ceremony presided over by the president of the assembly and chair of the council of GGGI, Ban Ki-Moon. L to r: finance minister Gilles Roth, Ban Ki-Moon and environment minister Serge Wilmes. Photo: Pancake! Photographie

Luxembourg will be the 51st country to join the Global Green Growth Institute, the world’s leading institution for green growth. The ceremony was held on Tuesday 6 May at Mudam in the presence of the chair of the council of the GGGI, Ban Ki-Moon.

Launched in 2012, the Global Green Growth Institute, a global intergovernmental organisation, aims to promote greener growth, based on the principle that the sustainable transition will only be possible if it also fights poverty and promotes social inclusion and economic growth. The GGGI acts as an independent advisor and works alongside governments to encourage the development of green growth plans, policies and regulations, in particular by mobilising green investment.

In Luxembourg, the environment ministry in 2018 signed a strategic partnership with the GGGI (which opened a Luxembourg office in 2023 within the Luxembourg House of Financial Technology), as part of Luxembourg’s International Climate Finance (ICF) Strategy. This included a €5m package to help build climate resilience and reduce greenhouse gas emissions in the Pacific and Caribbean region. The programme included the installation of solar-powered water pumps, training and the establishment of a national climate finance mechanism.

This collaboration thus enters a new phase as Luxembourg officially becomes the 51st member state of this institution. “It’s a pleasure to welcome Luxembourg as an upcoming member after seven years of impactful collaboration with GGGI. We look forward to the next seven years and beyond for sustainable finance and green growth around the world," said Ban Ki-moon.

“Luxembourg’s membership adds value by building partnerships with developing and emerging economies among the GGGI’s member states and highlighting the vital role the financial sector plays for implementing climate adaptation and mitigation measures, ensuring sustainable development and economic resilience,” the GGGI said in its statement. Since the first project was launched in 2018, others have been initiated in Senegal, Vietnam and Rwanda.

“The GGGI has been a strategic partner of the ministry of environment, climate and biodiversity since 2018, building real trust between institutions and delivering remarkable impact in the field of climate and biodiversity action and innovate sustainable finance in some of the most vulnerable countries around the world,” stressed environment minister  (CSV).

For Luxembourg, joining the GGGI is also a way to further strengthen its leadership in sustainable finance, to further structure its influence in international discussions on climate finance and to co-construct new innovative solutions.

In 2023, a new fund was launched: the Global Trust Fund for Sustainable Finance Instruments, in partnership with the Luxembourg Stock Exchange. It aims to mobilise capital markets and build national capacity for sustainable finance. Over the past two years, it has raised $2.1bn for climate finance to support projects in 18 countries.

“Luxembourg’s upcoming membership to the GGGI reflects our strong and continued commitment to shaping a sustainable and inclusive global financial system. Through this strengthened partnership, we aim to deepen our contribution to innovative financial solutions that help unlock investment for climate resilience and green growth, especially in the most climate-vulnerable countries and regions,” says Luxembourg’s finance minister  (CSV).

This article was originally published in .

Related articles