Drone image of the KfW Group Frankfurt am Main site at sunset

    ESG-Ratings of KfW Group

    KfW Group understands sustainability as a transformative process and aims to support and accompany the transformation of the economy and society. Therefore, KfW wants to improve the economic, environmental and social living conditions in Germany, in Europe and around the world. As a result of the comprehensive approach to sustainability topics, KfW Group has for years received very high scores from independent ESG rating agencies and occupies a top ranking in their international sub-industry comparisons.

    To ensure a continuous leading position by the ESG ratings, a quantitative goal has been anchored in KfW´s strategic target system. Since 2018, a top positioning by three leading ESG rating agencies has been at the core of KfW's sustainability promotion principle. As of 2023, the aim is to rank among the top 3 development banks within the KfW "Best of the Best" peer group. KfW has developed a measurement method to calculate this KPI. The description of this measurement method can be viewed here.

    The independent ESG rating agencies analyze and rate KfW based on environmental, social and governance aspects. KfW focuses on the results of the rating agencies ISS ESG, Sustainalytics and MSCI. In addition to environmental management and the products and services offered, many other aspects are considered. These include, for example, attractive working environment, diversity and equal opportunities, responsible procurement and anti-corruption measures.

    ISS ESG Corporate Rating (21.02.2023)Absolute rating: C+ (on a scale of A+ to D-). Prime status was awarded based on KfW's performance above the sector-specific threshold.
    Sustainalytics ESG Risk Rating1) (20.12.2023)In December 2023, KfW received an ESG Risk Rating of 5,4 and was assessed by Morningstar Sustainalytics to be at negligible risk of experiencing material financial impacts from ESG factors.
    MSCI ESG Rating2) (21.12.2023)AAA (on a scale of AAA to CCC).

    Cut-off date related information. There may be interim updates by ESG rating agencies. These can be found under this link.

    1) In no event the ESG Risk Rating shall be construed as investment advice or expert opinion as defined by the applicable legislation. The information contained or reflected herein is not directed to or intended for use or distribution to India-based clients or users and its distribution to Indian resident individuals or entities is not permitted, and Morningstar/Sustainalytics accepts no responsibility or liability whatsoever for the actions of third parties in this respect.

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    2) Disclaimer Statement MSCI: The use by KfW of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of KfW by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

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