According to GGFI 9, although Luxembourg is still one of the leading green finance centers around the world, it has dropped in the ranking since last October, in terms of both quality and depth (referring here to the prevalence of green financial services and products within its financial centers), respectively from the 7th to the 9th position, and from the 4th to the 7th position. Nonetheless, over 70% of respondents also expect Luxembourg to improve its green finance offering in the coming two/three years.
Luxembourg for Finance CEO Nicolas Mackel noted that “despite being one of the leading green financial centers, we must continue to work together on the goal of a true sustainable financial system globally.” Including over 80 financial centers shows how much progress sustainable finance has made over the past few years. “This is something that we should applaud as this progress is ultimately in everybody’s interest. However, while we are in a transition period it is clear that the onboarding of sustainable finance must speed up if we are to avoid the very dire consequences which the latest IPCC (“Intergovernmental Panel on Climate Change”) report warns of.”
The full report can be found here.