Guidelines for Financing Transactions

In all relevant financing we have observed the World Bank's environmental and social standards since 2004. In addition, in large project financing we increasingly act through syndicates where the members have signed the Equator Principles. This is a voluntary code based on the World Bank standards.

Sector and topic-specific standards

For sectors and topics with particular environmental sensitivity we have developed guidelines that go beyond the World Bank standards. We monitor these constantly, refining them if necessary. This was the case with the coal policy in autumn 2015. Since then we do not finance the extraction of lignite or the new construction of power plants running on lignite.

  • Gambling: We developed a policy for financing in this area in early 2016. We do not involve us with the gambling industry in principle. Exceptions apply, if gambling is offered by a state or charitable body or organisation.
  • Defence: A careful check is made on each individual case when financing companies and projects. We have set out the process and criteria in a separate policy. Our sustainability management team must be included in the evaluation of the individual transactions.
  • Atomic energy and fossil fuels: The rules cover both exclusions and financing under strict conditions.

Guidelines for earmarked financing in the field of nuclear energy and fossil fuels
Sector Exclusion Requirements
Nuclear power

  • New construction of nuclear power plants


  • Extraction of lignite
  • Extraction projects employing mountaintop removal
  • New construction of power plants running on lignite
  • Extraction of hard coal an the construction of new coal-fired power plants in protected areas (UNESCO world heritage, IUCN/Ramsar-protected areas)

  • New construction of hard coal-fired power plants only employing state-of-the-art technology.
  • Modernisation of existing coal-fired power stations only if this achieves efficiency gains/a greater degree of efficiency and/or fewer emissions that damage the climate

Oil & gas

  • Arctic drilling
  • Projects in protected areas (UNESCO world heritage sites, IUCN/Ramsar protected areas)
  • Extraction of tar sands
  • Use of fracking