Sustainable finance and ESG return to the Chamber across the 2023–2028 legislature, from the coalition-programme debate of 23 November 2023 to the extended question on the sovereign wealth fund of 16 June 2026. The sittings covered the government's sustainable-finance leadership narrative around the Luxembourg Green Exchange, a counter-narrative on greenwashing and regulatory complexity, the yearly cycle of post-COP motions pushing the financial centre away from fossil investment, the ESG exclusion rules on the state pension reserve fund, the EU's CSRD/CSDDD Omnibus simplification fight, and the technical transposition of EU sustainable-finance rules, including bill 8383 and bill 8567. The investment policy of the Fonds de compensation is also covered on the Pensions page from the angle of pension financing. The quotes below are taken verbatim from the Compte rendu officiel of each sitting.
\nOn 23 April 2024, during the debate on bill 8383 on the 2024 budget, Diane Adehm described the Luxembourg financial centre as the world leader in sustainable finance.
\n\n\nD’Finanzplaz ass haut méi breet opgestallt wéi nach virun zwanzeg Joer. Esou ass d’Lëtzebuerger Finanzplaz am Moment de weltwäite Leader an den nohaltege Finanzen.
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The financial centre is set up more broadly today than twenty years ago, and Luxembourg's financial centre is now the world leader in sustainable finance.
\nSitting of 23 April 2024, Diane Adehm, CSV
\nOn 19 March 2026, during the debate on bill 8567 transposing the EU regulation on the transparency of ESG rating activities, Diane Adehm gave the aim of the new rules.
\n\n\nEt handelt sech ëm e Reglement iwwert d’Transparenz an d’Integritéit vu Ratingaktivitéiten am Beräich ESG. Eent vun den Haaptziler vun dësem Reglement ass et, d’Transparenz ze verbesseren.
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It is a regulation on the transparency and integrity of ESG rating activities, and one of its main aims is to improve transparency.
\nSitting of 19 March 2026, Diane Adehm, CSV
\nOn 23 November 2023, during the debate on the coalition programme, Gilles Baum described Luxembourg as an international leader in sustainable finance.
\n\n\nJo, Lëtzebuerg ass haut international Virreider a Saache Sustainable Finance, notamment wat d’Cotatioun vun den nohaltegen Obligatiounen ugeet.
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Luxembourg is today an international leader in sustainable finance, in particular for the listing of sustainable bonds.
\nSitting of 23 November 2023, Gilles Baum, DP
\nOn 27 June 2024, during the heure d'actualité on the state pension reserve fund, André Bauler gave the share of the fund's actively managed portfolios that now meet its ESG criteria.
\n\n\n100 % vun hiren aktiv geréierte Fongen entspriechen elo dëse Krittären. En neien indexéierten, also, anescht gesot, passiv geréierten Deelfong vu 500 Milliounen Euro ass mam Paräisser Klimaofkommes ofgestëmmt.
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100% of its actively managed funds now meet these criteria, and a new passively managed sub-fund of 500 million euros is aligned with the Paris climate agreement.
\nSitting of 27 June 2024, André Bauler, DP
\nOn 4 December 2024, during the heure d'actualité on the outcome of COP29, Franz Fayot warned that green finance still allows greenwashing.
\n\n\nMee dës Suen, an dat ass wichteg, däerfen net benotzt gi vun Investmentfongen, fir Greenwashing ze maachen! A mir wëssen, dass dat och nach ëmmer eng Realitéit ass bei der grénger Finanz.
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This money must not be used by investment funds to do greenwashing, and we know that this is still a reality in green finance.
\nSitting of 4 December 2024, Franz Fayot, LSAP
\nOn 4 March 2025, during a parliamentary question on the EU's Omnibus package, Franz Fayot criticised the package as deregulation rather than simplification.
\n\n\nD’lescht Woch huet d’Europäesch Kommissioun hire sougenannte „Simplificatiounspaquet“, den Omnibus, virgestallt, deen awer manner mat Simplificatioun ze dinn huet a vill mat Dereguléierung a Verwässerung vu wichtege Gesetzer am Beräich vun der Nohaltegkeet vun der Wirtschaft.
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Last week the European Commission presented its so-called simplification package, the Omnibus, which has less to do with simplification and much more with deregulation and the watering-down of important laws on the sustainability of the economy.
\nSitting of 4 March 2025, Franz Fayot, LSAP
\nOn 27 June 2024, during the heure d'actualité on the state pension reserve fund, Claude Haagen described the disclosure and audit obligations placed on the fund's asset manager.
\n\n\nDann hutt der déi ganz Disclosure, finanziell Obligatiounen, fir eeben den Assetmanager, deen Der jo geholl hutt, de professionellen Investisseur, ze kontrolléieren iwwer Auditen, déi iwwert de Fonds de compensation jo och gemaach ginn, fir e Contrôle iwwert d’Suen ze kréien.
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You have the whole disclosure, the financial obligations, to check the asset manager, the professional investor you have taken on, through audits carried out on the pension reserve fund, to gain control over the money.
\nSitting of 27 June 2024, Claude Haagen, LSAP
\nOn 20 March 2024, during the debate on the motion on steering the financial centre toward climate-aligned finance, Tom Weidig argued that a strong economy needs an independent financial system rather than political interference.
\n\n\nEng staark Ekonomie kritt een nëmme mat engem fonctionéierende Finanzsystem, deen onofhängeg ass, wou all Informatioun verschafft gëtt an d’Sue rational do ugeluecht ginn, wou déi eenzel Leit mengen, datt se sollen ugeluecht ginn, an déi sech dann och dorëm këmmeren.
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A strong economy comes only from a functioning financial system that is independent, where all information is processed and money is placed rationally by the individual people who decide it should be placed and who then take care of it.
\nSitting of 20 March 2024, Tom Weidig, ADR
\nOn 18 March 2025, during a parliamentary question on excluding certain companies from ESG criteria under the new defence policy, Tom Weidig recalled his earlier criticism that the pension fund's exclusion list reduces returns.
\n\n\nEch hat an der Chamber d’lescht Joer eng Heure d’actualité iwwert d’Exklusiounslëscht vum Pensiouns- Kompensatiounsfong no ESG-Krittären ugefrot, wou ech kritiséiert hat, datt dës Lëscht d’Renditt reduzéiert an och net fair ass vis-à-vis vun eisen Alliéierten.
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Last year he had asked for a heure d'actualité on the pension reserve fund's ESG exclusion list, where he had criticised that this list reduces the return and is also not fair to our allies.
\nSitting of 18 March 2025, Tom Weidig, ADR
\nOn 19 March 2025, during the consultation debate on the long-term sustainability of the pension system, Alexandra Schoos set out the ADR position on how the pension reserve fund should invest.
\n\n\nD’ADR setzt sech och derfir an, dass d’Sue vum Kompensatiounsfong wéi och vum ëffentlech-rechtleche Pensiounsfong esou investéiert ginn, dass de beschtméiglechen Ertrag mat méiglechst klengem Risiko erreecht gëtt.
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The ADR argues that the money of the pension reserve fund and the public pension fund should be invested so as to achieve the best possible return with the smallest possible risk.
\nSitting of 19 March 2025, Alexandra Schoos, ADR
\nOn 4 December 2024, during the heure d'actualité on the outcome of COP29, Joëlle Welfring welcomed the LSAP motion for putting more focus on the financial centre.
\n\n\nEch fannen dat eng ganz wichteg Motioun. A se gëtt och e bëssen d’Suite vun där Motioun, déi mer am Fong d’lescht Joer hei zesumme gestëmmt hunn no der COP28, woubäi hei awer wierklech de Fokus nach méi op der Finanzplaz läit, wat ech ganz wichteg fannen.
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I find this a very important motion, and it is a bit of a follow-up to the motion we voted together last year after COP28, though here the focus lies even more on the financial centre, which I find very important.
\nSitting of 4 December 2024, Joëlle Welfring, déi gréng
\nOn 11 February 2025, moving her motion on the transposition of the CSDDD directive, Sam Tanson asked the government to transpose the directive without delay.
\n\n\nAn duerfir si mer der Meenung, dass hei déi Direktiv soll ouni Delai weider transposéiert ginn a mir hätten och gär e klore Kalenner vun der Regierung iwwert déi Transpositioun.
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We therefore take the view that this directive should be transposed further without delay, and we would also like a clear timetable from the government on that transposition.
\nSitting of 11 February 2025, Sam Tanson, déi gréng
\nOn 23 November 2023, during the debate on the coalition programme and the announced reduction of the subscription tax on funds, Sven Clement warned against the EU taxonomy's classing of nuclear and gas as sustainable.
\n\n\nElo, wou d’Taxonomie Atomenergie a Gas nohalteg astuuft, muss kloer sinn, datt dës Energien hei am Land net zu enger Reduktioun vun der Tax féieren dierfen.
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Now that the taxonomy classes nuclear energy and gas as sustainable, it must be clear that these forms of energy must not lead to a tax reduction in this country.
\nSitting of 23 November 2023, Sven Clement, Piraten
\nOn 27 June 2024, during the heure d'actualité on the state pension reserve fund, Sven Clement explained what a stranded asset is.
\n\n\nFir unzefänken: Wat ass dat, e Stranded Asset? Ma dat si Finanzproduiten, déi hir Valeur schlagaarteg verléieren.
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To begin with, what is a stranded asset? These are financial products that suddenly lose their value.
\nSitting of 27 June 2024, Sven Clement, Piraten
\nOn 14 December 2023, during the heure d'actualité on COP28, David Wagner asked why the pension reserve fund still invested hundreds of millions in oil companies.
\n\n\nFirwat ass nach ëmmer e groussen Deel vun den Albauwunnenge schlecht isoléiert? Firwat investéiert de Fonds de compensation nach ëmmer Honnerte Milliounen a Pëtrolskonzerner?
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Why is a large part of the old housing stock still poorly insulated? Why does the pension reserve fund still invest hundreds of millions in oil companies?
\nSitting of 14 December 2023, David Wagner, déi Lénk
\nOn 15 May 2025, during the interpellation on the future development of the financial centre, David Wagner gave a UNCTAD estimate for the share of green financial products that are greenwashing.
\n\n\nLaut der UNO-Agence fir Handel an Entwécklung si ronn 80 % vun deene grénge Finanzproduite ganz oder deelweis Greenwashing.
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According to the UN agency for trade and development, around 80% of green financial products are wholly or partly greenwashing.
\nSitting of 15 May 2025, David Wagner, déi Lénk
\nOn 16 June 2026, answering an extended question on the country joining the Tropical Forest Forever Facility, the Minister of Finance gave the share of the world's listed sustainable bonds carried on the Luxembourg Green Exchange.
\n\n\nAm Luxembourg Green Exchange, vun eiser Bourse also, do sinn 42 % vun de weltwäit nohaltegen Obligatiounen – dat wësst Der, Här Bauer – och gelëscht, a mat 31 % vun de sougenannte Publikumsfongen, déi UCITS-Fongen zu Lëtzebuerg, mat enger nohalteger Investitiounsstrategie.
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42% of the world's sustainable bonds are listed on the Luxembourg Green Exchange, our stock exchange, together with 31% of the so-called retail UCITS funds in Luxembourg following a sustainable investment strategy.
\nSitting of 16 June 2026, Gilles Roth, Ministre des Finances
\nOn 4 March 2025, answering a parliamentary question on the EU's Omnibus package, the Minister of Foreign Affairs and Foreign Trade set out the government's pragmatic middle path on the CSRD and the CSDDD.
\n\n\nMir begréissen och weiderhin d’Zilsetzung vun der CSRD an der CSDDD, awer hir Ëmsetzung muss pragmatesch ugaange ginn, soudatt et souwuel dem Geescht vun den Direktive gerecht gëtt wéi och d’Fonctionéiere vun eise Wirtschafte respektéiert.
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We continue to welcome the objectives of the CSRD and the CSDDD, but their implementation must be approached pragmatically, so that it does justice to the spirit of the directives while also respecting how our economies function.
\nSitting of 4 March 2025, Xavier Bettel, Ministre des Affaires étrangères et du Commerce extérieur
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