• the contract with Sustainalytics has ended as scheduled, KfW enters into a new relationship with ISS-oekom

• the sustainable investment approach for the liquidity portfolio remains unchanged

After 10 years of very good cooperation with Sustainalytics, KfW enters into a new relationship with ISS-oekom in order to receive ESG research and ESG ratings for its liquidity portfolio.

Upon signing the United Nations‘ Principles for Responsible Investment (PRI) in 2006, KfW committed itself to conducting business activities as a securities investor in a sustainable manner. The sustainability approach for its liquidity portfolio takes into account the issuers’ sustainability assessment in addition to their credit rating since 2008. KfW’s liquidity portfolio forms part of KfW’s liquidity management. It is a bond portfolio which comprises bonds from public-sector issuers and supranational organizations as well as financials, covered bonds and asset backed securities (ABS). The sustainability approach comprises three components: a best-in-class approach, application of exclusion criteria and a regular engagement with bond issuers.