{"id":9249,"date":"2022-12-20T09:13:09","date_gmt":"2022-12-20T09:13:09","guid":{"rendered":"https:\/\/lsfi.lu\/?page_id=9249"},"modified":"2023-01-03T09:19:03","modified_gmt":"2023-01-03T09:19:03","slug":"studysflux","status":"publish","type":"page","link":"https:\/\/lsfi.lu\/de\/studysflux\/","title":{"rendered":"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview"},"content":{"rendered":"[vc_row type=“full_width_background“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ bg_image=“9503″ bg_position=“center bottom“ background_image_loading=“default“ bg_repeat=“no-repeat“ scene_position=“center“ top_padding=“14%“ bottom_padding=“12%“ text_color=“light“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ enable_gradient=“true“ color_overlay=“#0a0000″ color_overlay_2=“rgba(10,10,10,0.5)“ overlay_strength=“0.5″ gradient_direction=“left_to_right“ shape_divider_color=“#ffffff“ shape_divider_position=“bottom“ shape_divider_height=“350″ bg_image_animation=“none“ parallax_bg=“true“ parallax_bg_speed=“fast“ shape_type=“waves_opacity_alt“][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][vc_custom_heading text=“Sustainable Finance Study Release“ font_container=“tag:p|text_align:left“ use_theme_fonts=“yes“][vc_row_inner equal_height=“yes“ content_placement=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ text_align=“left“][vc_column_inner column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/2″ tablet_width_inherit=“default“ bg_image_animation=“none“ enable_animation=“true“ animation=“reveal-from-bottom“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“ offset=“vc_col-lg-6 vc_col-md-6 vc_col-xs-12″][split_line_heading animation_type=“default“]\n

Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview<\/h2>\n[\/split_line_heading][\/vc_column_inner][vc_column_inner column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/4″ tablet_width_inherit=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“ offset=“vc_hidden-sm vc_hidden-xs“][\/vc_column_inner][vc_column_inner column_padding=“padding-6-percent“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“bottom“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/4″ tablet_width_inherit=“default“ bg_image_animation=“none“ enable_animation=“true“ animation=“fade-in-from-bottom“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“ offset=“vc_col-xs-12″][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ scene_position=“center“ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“0.3″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][page_submenu alignment=“left“ sticky=“true“ bg_color=“#ffffff“ link_color=“#003366″][page_link link_url=“#about“ title=“About the Study“ id=“1672737526579-0″ tab_id=“1672737526579-10″] [\/page_link][page_link link_url=“#findings“ title=“Study’s main findings“ id=“1672737526672-4″ tab_id=“1672737526672-7″] [\/page_link][\/page_submenu][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ id=“about“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ enable_animation=“true“ animation=“fade-in-from-bottom“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][divider line_type=“No Line“ custom_height=“10″][split_line_heading animation_type=“line-reveal-by-space“ font_style=“h2″ text_color=“#223983″ content_alignment=“default“ mobile_content_alignment=“inherit“ text_content=“About the Study“ max_width=“800″][\/split_line_heading][vc_row_inner column_margin=“none“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ text_align=“left“ el_id=“about“][vc_column_inner column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“top-bottom“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ bg_image_animation=“none“ enable_animation=“true“ animation=“fade-in-from-bottom“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][vc_column_text css=“.vc_custom_1672737540423{padding-right: 10% !important;}“]\n

The Luxembourg Sustainable Finance Initiative (LSFI), in collaboration with PwC Luxembourg, has conducted\u00a0<\/span>the\u00a0<\/span><\/strong>study<\/strong>\u00a0\u201cSustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview\u201d which assesses the\u00a0<\/span>sustainable finance \u00a0segment in Luxembourg<\/strong>.<\/span><\/strong><\/p>\n[\/vc_column_text][vc_column_text css=“.vc_custom_1671813693785{padding-right: 10% !important;}“]O<\/span>ne of\u00a0the Luxembourg Sustainable Finance <\/span>Strategy Pillars and key actions foresees the LSFI\u00a0to\u00a0<\/span>measure the progress<\/strong>\u00a0<\/span>of the financial sector within\u00a0the context of its efforts towards Sustainable Finance.<\/span> T<\/span>o pursue this objective, the LSFI decided to conduct a study to assess the\u00a0Sustainable Finance segment in Luxembourg in\u00a0order to understand\u00a0<\/span>where the sector stands<\/strong>, what\u00a0the\u00a0<\/span>key trends<\/strong>\u00a0<\/span>are and\u00a0<\/span>what strategies<\/strong>\u00a0<\/span>towards\u00a0sustainability are used.[\/vc_column_text][vc_column_text css=“.vc_custom_1671721371661{padding-right: 10% !important;}“]In this regard, t<\/span>he study takes a deep dive into the sustainable finance industry, analysing the\u00a0<\/span>main ESG strategies<\/strong>\u00a0<\/span>implemented through sectoral analysis and asset classification breakdowns, among other dimensions. It also presents leading sustainable finance investment practices in Luxembourg and describes the\u00a0current impact assessment framework, aiming to complement other studies <\/span>and <\/span>identify gaps<\/strong>\u00a0in the existing framework so as to\u00a0<\/span>determine actions\u00a0for improvement<\/strong>.[\/vc_column_text][divider line_type=“No Line“][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ text_align=“left“][vc_column_inner column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/3″ tablet_width_inherit=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][\/vc_column_inner][vc_column_inner column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/3″ tablet_width_inherit=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][nectar_btn size=“jumbo“ open_new_tab=“true“ button_style=“regular“ button_color_2=“Accent-Color“ icon_family=“none“ text=“Access the study“ url=“https:\/\/lsfi.lu\/wp-content\/uploads\/2022\/12\/Sustainable-Finance-in-Luxembourg.pdf“][\/vc_column_inner][vc_column_inner column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/3″ tablet_width_inherit=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ id=“findings“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ enable_animation=“true“ animation=“fade-in-from-bottom“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][divider line_type=“No Line“ custom_height=“40″][split_line_heading animation_type=“line-reveal-by-space“ font_style=“h2″ text_color=“#223983″ content_alignment=“default“ mobile_content_alignment=“inherit“ text_content=“Study’s main findings“ max_width=“800″][\/split_line_heading][divider line_type=“No Line“ custom_height=“40″][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9368″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Analysing the ESG landscape“][vc_column_text]\n

Attempts to analyse the ESG landscape within Luxembourg\u2019s overall financial services industry are significantly\u00a0constrained by the lack of publicly available data on the banking and insurance sectors, as well as on the alternative\u00a0investment sectors (Private Equity, Venture Capital, Real Estate and Infrastructure). At the moment, the investment funds industry remains the only assessable sector within the financial industry. This is because it is currently the only sector with consistent and public ESG data (both historical and current), positioning it as the most common predicate for existing studies on ESG (including the study). The lack of publicly available data can be observed not just in Luxembourg but globally.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9374″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“ESG qualification“][vc_column_text]\n

Even though the investment fund sector stands as the only sector for which (paid) data is available, the ESG dimensions\u00a0and data that are assessed in various studies (including the study) are heavily reliant on the data provider, who typically\u00a0has sole oversight on how their ESG data is collected and classified.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9377″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Luxembourg ESG fund assets“][vc_column_text]\n

Despite the economic uncertainty and market turmoil observed during the first half of 2022, Luxembourg-domiciled ESG\u00a0funds registered EUR 2.2tn in total assets at the end of June 2022. This ESG fund AuM represents approximately 54.6%\u00a0of the country\u2019s overall UCITS fund assets, which surpassed EUR 4.0tn by the same period. In terms of number of funds,\u00a0ESG funds correspond to 4,022 out of the 9,656 funds in our sample, highlighting the far-reaching extent of sustainability\u00a0integration within the Luxembourg fund investment framework.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9381″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“ESG involvement funds sub-strategies“][vc_column_text]\n

While our analysis showed that some ESG involvement funds apply more than one sub-strategy\u00a0<\/span>at a time, 89% of them follow only one sub-strategy. Best-in-class and Thematic\u00a0<\/span>strategies were the most popular in the ESG Involvement cluster, accounting for 54.9% and 26.9% respectively of ESG Involvement funds.<\/span><\/div>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9384″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“ESG exclusion strategy application“][vc_column_text]\n

Nearly half of the ESG funds in our sample (2,005 funds) apply ESG Exclusions strategy, accounting for 54.8% of the ESG\u00a0UCITS assets. Out of these funds, 27% apply up to 2 exclusions while 21% apply up to 3 exclusions \u2014 mainly from the\u00a0weapons, tobacco and fossil energy sectors. The largescale use of this strategy is linked to the exclusion of companies\u00a0in controversial sectors from their portfolios being the preliminary step for asset managers who are beginning to take a\u00a0stand towards sustainability.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9388″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“ESG involvement strategy application“][vc_column_text]\n

ESG Involvement was the least applied strategy, accounting for only 18% of funds in our sample and 14% of ESG fund\u00a0assets. Some of these funds in this cluster were also found to implement ESG exclusion, with 66.6% of them excluding\u00a0at least one sector from their universe of investable assets, and 11% excluding up to 5 sectors.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9392″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Asset class allocation“][vc_column_text]\n

Equity accounted for 47% of total ESG asset allocation in Luxembourg as of end-Q2 2022, making it the most preferred asset class for ESG fund investments in Luxembourg. This preference is catalysed by a growing interest by institutional\u00a0investors to expand their ESG asset base, the strong draw of retail investors towards the asset type, as well as structural\u00a0overlaps between the active approach that is generally applied in both equity and ESG fund management. Bonds are the\u00a0second most predominant asset class for ESG fund allocation, constituting 31% of total Luxembourg-domiciled assets\u00a0by the end of June 2022.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9395″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Sectors allocation“][vc_column_text]\n

Luxembourg\u2019s ESG investment diversification approach focuses on a plethora of sectors, led by the Software & Services\u00a0sector holding 9.8% of ESG funds\u2019 AuM. This, in addition to Pharmaceuticals (9.1%) and Capital Goods (8.4%) saw the\u00a0greatest ESG fund asset allocations by June 2022.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9399″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“ESG assets geographical focus“][vc_column_text]\n

55.4% of Luxembourg-domiciled ESG assets are placed in global-focused funds, which allows fund managers to meet\u00a0clients\u2019 diversification and risk mitigation objectives while providing them with a wide asset coverage. Europe and US\u00a0represent the next most common regions when it comes to the geographical focus of ESG funds in Luxembourg.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9403″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Managers headquarters split“][vc_column_text]\n

French fund managers have the highest number of ESG funds domiciled in Luxembourg -738 out of the total 4,022. In terms of AuM, however, they are outpaced by US fund managers, who boast more than one-fifth (23%) of Luxembourg\u2019s EUR 2.2tn ESG funds\u2019 AuM.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9407″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Active vs passive management“][vc_column_text]\n

93% of ESG funds\u2019 AuM in Luxembourg is actively managed, hinged on the notion that intentional and proactive ESG integration is preferably executed actively. Nevertheless, despite the lack of industry accepted ESG indices for passive investments, we are seeing a growing attraction towards passive ESG investments by investors who are drawn in by its low costs, reduced risks and diversification benefits. In addition to this, the expanded adoption of the EU Climate Transition benchmarks and EU Paris-aligned benchmark could see a rise in ESG passive investments.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9411″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“SFDR application“][vc_column_text]\n

Over 53% of UCITS AuM in Luxembourg is invested in funds adhering to either Article 8 or Article 9 disclosure requirements in compliance with the Sustainable Finance Disclosure Regulation (SFDR). The less stringent nature of Article 8 requirements makes it the predominant category, with 47% of UCITS assets under this classification, while Article 9 constitutes 6%.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9415″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Impact measures“][vc_column_text]\n

The lack of generally accepted, standardised and widely utilised impact measures suggests that it is currently not possible to assess the effective positive impacts of Sustainable Finance investments on the real economy. It also remains to be clarified how the theoretical changes underpinned by Sustainable Finance investments can be best assessed, monitored and verified.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9418″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“KPIs“][vc_column_text]\n

To complete the analysis of the applied strategies and have a greater understanding of overall investment ESG approach and investments\u2019 impact, an additional look at the underlying companies and their ESG dimensions – collected in the desired standardised and comparable way mentioned above – should be further explored. In line with this, additional clear and harmonised KPIs on environmental dimensions, social and human rights considerations and governance aspects are much needed to measure and track progress.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ scene_position=“center“ bottom_padding=“0″ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“1″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=““][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9421″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“ESG funds engagement“][vc_column_text]\n

Further, there is currently no availability of structured and comparable data on the application of ESG funds\u2019 engagement strategies – a fundamental aspect of which is generally known as active ownership. Engagement is a fundamental leverage that can possibly be applied by financial players to push the transition of the invested companies. This underscores the need for further research\/studies as well as significant data collection on ESG funds\u2019 engagement strategies and the applied approaches.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9424″ animation=“Fade In“ hover_animation=“none“ alignment=“right“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“40%“][\/vc_column][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“2\/6″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][toggles style=“default“][toggle color=“Extra-Color-1″ title=“Blended Finance“][vc_column_text]\n

In developing countries, sustainable growth is still hampered by the perception and presence of numerous risks. In such cases, blended finance can be a useful tool to raise additional funds – specifically private capital, providing financial returns to investors while reducing some of these risks.<\/p>\n[\/vc_column_text][\/toggle][\/toggles][\/vc_column][\/vc_row][vc_row type=“in_container“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ scene_position=“center“ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ overlay_strength=“0.3″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“][vc_column column_padding=“no-extra-padding“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][divider line_type=“No Line“][\/vc_column][\/vc_row][vc_row type=“full_width_background“ full_screen_row_position=“middle“ column_margin=“none“ equal_height=“yes“ content_placement=“middle“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ scene_position=“center“ bottom_padding=“5%“ text_color=“dark“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ id=“conclusion“ overlay_strength=“0.3″ gradient_direction=“left_to_right“ shape_divider_position=“bottom“ bg_image_animation=“none“ shape_type=“curve“][vc_column column_padding=“padding-7-percent“ column_padding_tablet=“inherit“ column_padding_phone=“inherit“ column_padding_position=“all“ column_element_spacing=“default“ background_color=“#f0f5f9″ background_color_opacity=“1″ background_hover_color_opacity=“1″ column_shadow=“none“ column_border_radius=“none“ column_link_target=“_self“ gradient_direction=“left_to_right“ overlay_strength=“0.3″ width=“1\/1″ tablet_width_inherit=“default“ tablet_text_alignment=“default“ phone_text_alignment=“default“ bg_image_animation=“none“ border_type=“simple“ column_border_width=“none“ column_border_style=“solid“][image_with_animation image_url=“9510″ animation=“Fade In“ hover_animation=“none“ alignment=“center“ border_radius=“none“ box_shadow=“none“ image_loading=“default“ max_width=“custom“ max_width_custom=“70%“][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

[vc_row type=“full_width_background“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ bg_image=“9503″ bg_position=“center bottom“ background_image_loading=“default“ bg_repeat=“no-repeat“ scene_position=“center“ top_padding=“14%“ bottom_padding=“12%“ text_color=“light“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ enable_gradient=“true“ color_overlay=“#0a0000″ color_overlay_2=“rgba(10,10,10,0.5)“ overlay_strength=“0.5″ gradient_direction=“left_to_right“ shape_divider_color=“#ffffff“ shape_divider_position=“bottom“ shape_divider_height=“350″ bg_image_animation=“none“ parallax_bg=“true“…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-9249","page","type-page","status-publish"],"acf":[],"yoast_head":"\nStudy: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview - LSFI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lsfi.lu\/de\/studysflux\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview - LSFI\" \/>\n<meta property=\"og:description\" content=\"[vc_row type=“full_width_background“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ bg_image=“9503″ bg_position=“center bottom“ background_image_loading=“default“ bg_repeat=“no-repeat“ scene_position=“center“ top_padding=“14%“ bottom_padding=“12%“ text_color=“light“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ enable_gradient=“true“ color_overlay=“#0a0000″ color_overlay_2=“rgba(10,10,10,0.5)“ overlay_strength=“0.5″ gradient_direction=“left_to_right“ shape_divider_color=“#ffffff“ shape_divider_position=“bottom“ shape_divider_height=“350″ bg_image_animation=“none“ parallax_bg=“true“...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lsfi.lu\/de\/studysflux\/\" \/>\n<meta property=\"og:site_name\" content=\"LSFI\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T09:19:03+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data1\" content=\"33\u00a0Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/studysflux\\\/\",\"url\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/studysflux\\\/\",\"name\":\"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview - LSFI\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/#website\"},\"datePublished\":\"2022-12-20T09:13:09+00:00\",\"dateModified\":\"2023-01-03T09:19:03+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/studysflux\\\/#breadcrumb\"},\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/lsfi.lu\\\/de\\\/studysflux\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/studysflux\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/#website\",\"url\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/\",\"name\":\"Luxembourg Sustainable Finance Initiative\",\"description\":\"Luxembourg Sustainable Finance Initiative\",\"publisher\":{\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/#organization\"},\"alternateName\":\"LSFI\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"de\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/#organization\",\"name\":\"Luxembourg Sustainable Finance Initiative\",\"alternateName\":\"LSFI\",\"url\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/lsfi.lu\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/lsfi-logo-white.svg\",\"contentUrl\":\"https:\\\/\\\/lsfi.lu\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/lsfi-logo-white.svg\",\"width\":\"1024\",\"height\":\"1024\",\"caption\":\"Luxembourg Sustainable Finance Initiative\"},\"image\":{\"@id\":\"https:\\\/\\\/lsfi.lu\\\/de\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/company\\\/luxembourgsustainablefinanceinitiative\\\/?viewAsMember=true\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UC8ftKnTkUUrN0F8AtXP_UQQ\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview - LSFI","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/lsfi.lu\/de\/studysflux\/","og_locale":"de_DE","og_type":"article","og_title":"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview - LSFI","og_description":"[vc_row type=“full_width_background“ full_screen_row_position=“middle“ column_margin=“default“ column_direction=“default“ column_direction_tablet=“default“ column_direction_phone=“default“ bg_color=“#ffffff“ bg_image=“9503″ bg_position=“center bottom“ background_image_loading=“default“ bg_repeat=“no-repeat“ scene_position=“center“ top_padding=“14%“ bottom_padding=“12%“ text_color=“light“ text_align=“left“ row_border_radius=“none“ row_border_radius_applies=“bg“ enable_gradient=“true“ color_overlay=“#0a0000″ color_overlay_2=“rgba(10,10,10,0.5)“ overlay_strength=“0.5″ gradient_direction=“left_to_right“ shape_divider_color=“#ffffff“ shape_divider_position=“bottom“ shape_divider_height=“350″ bg_image_animation=“none“ parallax_bg=“true“...","og_url":"https:\/\/lsfi.lu\/de\/studysflux\/","og_site_name":"LSFI","article_modified_time":"2023-01-03T09:19:03+00:00","twitter_card":"summary_large_image","twitter_misc":{"Gesch\u00e4tzte Lesezeit":"33\u00a0Minuten"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/lsfi.lu\/de\/studysflux\/","url":"https:\/\/lsfi.lu\/de\/studysflux\/","name":"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview - LSFI","isPartOf":{"@id":"https:\/\/lsfi.lu\/de\/#website"},"datePublished":"2022-12-20T09:13:09+00:00","dateModified":"2023-01-03T09:19:03+00:00","breadcrumb":{"@id":"https:\/\/lsfi.lu\/de\/studysflux\/#breadcrumb"},"inLanguage":"de","potentialAction":[{"@type":"ReadAction","target":["https:\/\/lsfi.lu\/de\/studysflux\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/lsfi.lu\/de\/studysflux\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/lsfi.lu\/de\/"},{"@type":"ListItem","position":2,"name":"Study: Sustainable Finance in Luxembourg \u2013 A quantitative and qualitative overview"}]},{"@type":"WebSite","@id":"https:\/\/lsfi.lu\/de\/#website","url":"https:\/\/lsfi.lu\/de\/","name":"Luxembourg Sustainable Finance Initiative","description":"Luxembourg Sustainable Finance Initiative","publisher":{"@id":"https:\/\/lsfi.lu\/de\/#organization"},"alternateName":"LSFI","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/lsfi.lu\/de\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"de"},{"@type":"Organization","@id":"https:\/\/lsfi.lu\/de\/#organization","name":"Luxembourg Sustainable Finance Initiative","alternateName":"LSFI","url":"https:\/\/lsfi.lu\/de\/","logo":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/lsfi.lu\/de\/#\/schema\/logo\/image\/","url":"https:\/\/lsfi.lu\/wp-content\/uploads\/2020\/09\/lsfi-logo-white.svg","contentUrl":"https:\/\/lsfi.lu\/wp-content\/uploads\/2020\/09\/lsfi-logo-white.svg","width":"1024","height":"1024","caption":"Luxembourg Sustainable Finance Initiative"},"image":{"@id":"https:\/\/lsfi.lu\/de\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/luxembourgsustainablefinanceinitiative\/?viewAsMember=true","https:\/\/www.youtube.com\/channel\/UC8ftKnTkUUrN0F8AtXP_UQQ"]}]}},"_links":{"self":[{"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/pages\/9249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/comments?post=9249"}],"version-history":[{"count":0,"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/pages\/9249\/revisions"}],"wp:attachment":[{"href":"https:\/\/lsfi.lu\/de\/wp-json\/wp\/v2\/media?parent=9249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}