LSFI Taskforce

LSFI Voluntary Carbon Credits and Carbon Markets Taskforce, in partnership with ALFI

About the Taskforce

Voluntary Carbon Markets are gaining increasing attention, and the Luxembourg Sustainable Finance Initiative (LSFI), in close cooperation with the Association of the Luxembourg Fund Industry (ALFI), has established a dedicated Taskforce to address key challenges related to voluntary carbon credit investment strategies.

General Mandate

Contribute to the creation of clear, robust and attractive framework conditions in Luxembourg to facilitate the launch and development of investment funds and strategies explicitly linked to Voluntary Carbon Markets (VCM) and voluntary carbon credits while positioning Luxembourg as a leader that actively promotes and safeguards high-quality, high-integrity voluntary carbon credits through framework conditions and market practices.

Key Objectives

  • Identify and clarify key legal, accounting, tax, and regulatory issues related to voluntary carbon credits, voluntary carbon-related instruments as well as strategies;
  • Analyse how voluntary carbon credits can be integrated into Luxembourg fund structures, including dedicated funds and investment strategies;
  • Draft practical guidance for asset managers and fund promoters, using case studies to explain how to establish and manage high-quality, high-integrity voluntary carbon market (VCM) and carbon credit strategies in Luxembourg;
  • Produce policy-oriented recommendations for the Government and the Ministry of Finance to enhance the legal and tax framework in Luxembourg.

Deliverables

The Taskforce is expected to produce, subject to LSFI and ALFI validation:

  • A guidance document for asset managers on high-quality and high-integrity voluntary carbon credit fund strategies in Luxembourg;
  • A set of recommended quality and integrity criteria for voluntary carbon credits used in Luxembourg fund structures, referencing recognised international standards and best practices;
  • A practical due diligence and governance checklists for asset managers and fund boards;
  • Targeted policy-oriented recommendations for the Government and the Ministry of Finance;
  • High-level conclusions and recommendations to be presented to the LSFI Board and relevant stakeholders, including policy-relevant insights.

Key Dates

Selected Members

Chair

Navid Fathollahzadeh

Country Head – Director, Tax & Structuring,

Climate Asset Management

Vice-Chair

Andrei Senchuk

Senior Manager (PE audit)

EY

Member

Ralph Brödel

MD/Conducting Officer,

FundRock-LIS

Member

Christina Ehlert

Head of Technical Assistance Unit,

ADA

Member

Marcell Koves

Partner,

Deloitte

Member

Gabriel Labbate

Head, Climate Mitigation Unit; Climate Change Division,

UNEP

Member

Laura Lahti

Head of Impact,

Camco

Member

Albert Seoane

Manager,

Innpact

Member

Jean-Baptiste Valette

Head of Strategy & CSR,

Société Générale Luxembourg

Member

Grégoire Peytier

Senior Financial Reporting Manager,

Aztec Group

Member

Gautier Quéru

Global Head of Natural Capital,

Mirova

Member

Isabelle Scarangella

Senior Legal Counsel,

BNP Paribas

Member

Mariam Morling

Manager, Sustainability & Finance Transformation Advisory Team,

Deloitte

Member

Julie Pelcé

Senior Associate, ESG Specialist,

CMS Luxembourg

Observer

Thomas Collin

Adviser – Sustainability,

ABBL

Observer

Désirée Doenges

Legal – Senior Vice President | Sustainable Finance – MiFID investor protection – MMFs,

ALFI

Observer

Myriam Lapierre

CEO Office Manager,

Luxembourg Stock Exchange

Observer

Shaneera Rasqué

Head of Regulatory Projects and Sustainable Finance,

CSSF

Access the Terms of Reference

Discussions and materials shared within the Taskforce will remain confidential until made public by LSFI and ALFI. Taskforce members are expected to attend meetings regularly; persistent absence may lead to exclusion.

The LSFI will hold the secretariat and provide organisational and administrative support to the Taskforce.

For further information, please contact info@lsfi.lu.

The LSFI Voluntary Carbon Credits and Carbon Markets Taskforce has been developed in partnership with the Association of the Luxembourg Fund Industry (ALFI).