In search of
best practices
market practices.


16 Labels and 1 rating to assess quality

We analyzed 16 quality labels and 1 rating issued by specialized, independent certification bodies.
All support and disseminate best sustainability practices in Europe and provide substantial help in countering greenwashing.

What is a label?

Labels are 'sustainability labels' granted by specialised, independent certification bodies, at the request of trade unions, non-profit associations, national governments or the European Union.

Each investment product concerned must demonstrate that it meets the eligibility criteria defined by the Label.

Each label has its own precise objective, from which derive minimum conditions to be met by the products that want to obtain it.

Some Labels are thematic and reward, for example, funds or bonds dedicated to theenvironment or solidarity. Others are generalist and reward socially responsible funds (SRI).

What differences are there between the various Labels?

What is the difference between a rating and a label?

A rating is a quantitative merit note, calculated according to a rigorous methodology, for the purpose of comparing different instruments with each other.

The Climetrics rating, for instance, assigns from 1 to 5 'leaves' to funds with the best climate impact based on their management policy, their Portfolio and the governance of Society .

Yes. All rating labels and Society are totally independent. They rely on the cooperation of experts from academia, control institutions and Society .

They are valuable aids in the fight against greenwashing.

Can I
trust you?

Who finances the Labels?

In general, the fund manager pays a membership fee and an annual audit cost as the certifying body verifies that the funds continue to meet minimum quality and sustainability requirements over time.
Some labels and ratings are free and/or financed by governments or the European Union.

When the certifying bodies notice an anomaly, they alert the manager and request corrective action. If at the next verification, nothing has changed, the fund is removed from the official list of labelled funds.

And if the bottom does not comply with the rules of the Label ?

How do you deal with Labels in Positive Finance?

Our evaluations of the funds take into account the labels received.

We analyse the required criteria and verifications performed during the labelling process, which we consider to be 'trusted third parties ', and keep the list of labelled funds up-to-date.

Search for award-winning funds

Generalist, dedicated to environmental protection in general or to specific environmental aspects, social, philanthropic. The labels cover a very wide range of evaluation criteria for investment funds.

Sustainable Generalist Funds

Towards Sustainability

The Label Towards Sustainability, one of the most widely used labels in Europe, aims to assure investors that certified products are socially responsible and not subject to unsustainable practices.

Label SRI

The SRI Label aims to increase the recognisability of Socially Responsible Funds (SRI) for savers, and to ensure that various extra-financial objectives are actively managed by the funds, in the areas of the environment, Society and governance

Luxflag ESG

The Label LuxFLAG assesses genuine investment strategy commitments and helps investors with product selection. The applicant must demonstrate how it integrates its ESG strategy and criteria throughout the investment process.

FNG Siegel

FNG Siegel is the high quality standard for Socially Responsible Funds sold in German-speaking countries and assures investors that a robust management methodology has been implemented.

Sustainable funds with EU Ecolabels

Nordic Swan Ecolabel

The Nordic Swan Ecolabel analyses 60 product groups including financial products and provides consumers with an indication of products that have a particular focus on environmental impact and sustainable development.


The Austian Eco-label aims to make consumers aware of the opportunity to buy environmentally friendly products and services and rewards mutual funds that benefit the environment and Society.

Other Environmental Labels and Ratings

Luxflag Environment

The Label is aimed at environmental thematic funds and is designed to reassure investors that the investment product actually and responsibly invests their assets in environmentally-related sectors.

Luxflag Climate Finance

The Label LuxFLAG Climate aims to give investors confidence that the funds concerned are contributing to the fight against climate change and/or adaptation to its consequences, in line with the principles of the European Union.


The Greenfin label is aimed at financial actors acting in line with energy and climate transition goals and assures investors of the "green" quality of investment funds.


Climetrics provides a climate impact rating for mutual funds in order to facilitate investors interested in 'Low Carbon' investments

Specialized labels with a social vocation

Label Relance

Label Relance should allow savers to easily identify funds that invest in French-based Society that contribute to the recovery of the post-COVID economy while applying certain ESG criteria

Luxflag Microfinance

The world's first Microfinance Label was launched in July 2006 by LuxFLAG with the aim of reassuring investors that the fund (Microfinance Investment Vehicle - MIV) actually invests, directly or indirectly, in the microcredit sector.


Finansol is the reference label for solidarity finance in France, i.e. funds that allocate assets or part of their income to support philanthropic or non-profit activities with a strong social matrix.

Certifications of Ethicality

Nummus Ethics

Nummus Ethics is an Italian ethics label that certifies compliance with the principles of the Catholic Church (Italian Episcopal Conference).

Transparency label


Eurosif's Transparent Label aims to provide investors with clear information on the ESG management policies of SRI funds in Europe. It is a mandatory quality standard for SRI funds in France, Belgium and is required by several labels.

Green Bonds (Environmental Impact Bonds)

Luxflag Greenbonds

The Label Green Bond, launched in 2017, is the first of its kind worldwide and aims to reassure investors that the Green Bond follows internationally recognised standards and uses its proceeds to fund green projects.

Climate Bonds Standard

The Climate Bonds Initiative aims to limit temperature increases in line with the Paris Agreement, through a database of certified Green Bonds that follow high quality standards and effectively use their proceeds to combat global warming.


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