Sustainability Our approach
What does sustainability
mean for you?
For me, it begins with the ocean. I’ve been a keen sailor and diver my whole life, and over the years I’ve witnessed a deterioration in the marine environment at first hand.
As a father, I want my children to inherit a healthy ocean. As a banker, I’ve come to understand that building a sustainable blue economy is critical if we are to sustain growth across the global economy as a whole.
For you, sustainability will mean something different. Maybe your primary concern is for social progress, for example, or simply the transfer of your family’s wealth to the next generation.
Regardless, sustainability is something you cannot ignore. As responsible wealth managers, we think continually about the long term. And no other long-term trend will be more consequential to your wealth or society.
Un caro saluto,
Head of Private Bank, Deutsche Bank
Our commitment
Our planet and society are confronted with multiple, simultaneous crises. Solving them requires a fundamental shift in economic activity globally.
At Deutsche Bank, we believe we have a responsibility to be part of the solution. That’s why sustainability, which encompasses environmental, social and governance (ESG) factors, has been embedded in our Global Hausbank strategy since 2019.
We strive to support our clients in accelerating and navigating their sustainable transition. As a bank, we can assist our clients on their path to net-zero – through sustainable finance, ESG investments, transition expertise and our ESG framework.
As part of our holistic wealth management service, we also offer a wide range of ESG offerings across investing, lending and deposits.
Deutsche Bank’s key
sustainability milestones
Deutsche Bank’s key
sustainability milestones
The relationship between
sustainability and finance
Half the world’s GDP is heavily or moderately dependent on nature1, yet the ‘ecosystem services’ it provides to the global economy are at risk like never before. Our future prosperity depends on solving the intersecting problems of climate change, pollution and biodiversity loss.
Deutsche Bank is committed to achieving net-zero by 2050. In addition to reducing the carbon footprint of our own operations and supply chain, we are constantly expanding our sustainable product and service offering to support our clients on their sustainable transition path.
In 2023, we set up a Nature Advisory Panel with renowned external experts, to help us improve our nature-related policies and frameworks.
Markus Müller
Chief Investment Officer ESG
Global Head of Chief Investment Office
Deutsche Bank Private Bank
Our expertise
Investing effectively over the long-term requires an understanding of the long-term trends affecting our world, like the transition to a more sustainable way of doing business.
Our global Chief Investment Office (CIO) publishes a range of outlooks, insights and reports that underpin our approach. Our library of thought leadership is regularly updated in collaboration with a network of subject-matter experts. Our in-house experts brief our clients regularly on the biggest challenges facing our environment and society, and how these could affect their portfolios, as well as supporting them in their individual sustainability transitions.
Markus Müller
Chief Investment Officer ESG
Global Head of Chief Investment Office
Deutsche Bank Private Bank
Sustainability in our
modular solutions
When we invest on your behalf, our approach is guided by your sustainability preferences – incorporated using a diverse range of modular solutions.
Our discretionary portfolio management (DPM) offering, which considers ESG criteria within instrument selection and creates a core for your wealth, includes our Strategic Asset Allocation (SAA) strategies.
Additionally, we offer third-party mutual funds, exchange-traded funds (ETFs) and private-market funds2 that meet our ESG criteria, due diligence standards, and our ESG Investment Framework.
To meet specific capital market needs, we also provide structured solutions, and bonds with green, social or sustainability-linked terms.
How we use ESG to help
you build your portfolio
Our ESG Investment Framework helps you factor sustainability preferences into your investment decision-making. We screen investment products using a combination of quantitative criteria and qualitative due diligence methodologies, using third-party data and ratings3 as well as our in-house expertise.
For example, we exclude investments in companies that violate global standards such as the UN Global Compact, or that exceed certain thresholds in sectors such as tobacco. We also apply positive screening to look for investments that achieve minimum ESG ratings thresholds.
3 ESG ratings are not currently regulated. Therefore, it is important to note that there is a selection of such data providers in the market, and methodologies between these can vary leading to different ratings for the same instruments.
Examples: funds taking sustainability criteria into consideration.
Our approach to
sustainable financing
As a global financial institution with a loan book of almost €500 billion4, we see it as part of our responsibility to support, and where possible, accelerate the transition to a more sustainable economy.
It is important to promote and encourage transparency in the sustainable financing market and align our sustainable finance and ESG Investment Framework, on a best effort basis, with EU Taxonomy and internationally acknowledged principles such as ICMA Social and Green Bond Principles.
We specialise in helping clients who want to invest in real estate sustainably–whether related to construction, acquisition, operation, renovation and retro-fitting to improve efficiency. We are committed to financing5 that fosters the transition to climate-resilient developments and a low-emissions economy, particularly in real estate, which makes a contribution to greenhouse gas emissions.
5 Subject to due diligence and credit committee approvals.
Our knowledge partners
We work with a variety of partners to improve our knowledge in critical areas, advocate for the ocean and biodiversity and create meaningful experiences for our clients.
The Ocean Risk and Resilience Action Alliance
As the Global Lead Banking Partner of ORRAA, we help encourage action in creating a sustainable blue economy. In 2023 we became the first bank to join #BackBlue, an ORRAA initiative that commits the Deutsche Bank Group to strengthening its due diligence requirements for ocean-related activities. In addition, we have collaborated with ORRAA on numerous thought-leadership publications and events.
The University of Cambridge
Our collaboration with the University of Cambridge Institute of Sustainability Leadership (CISL) through the Banking Environment Initiative has paved the way for us to provide thought leadership and stay on top of the latest sustainability related developments in the financial sector.
The UN Decade of Ocean Science
Our partnership with the German Ocean Decade Committee aspires to promote ocean literacy in Germany and raise awareness of the ten challenges outlined by the UN Ocean Decade.
Rethinking performance, sustainably
Deutsche Bank is proud to be the first global partner of the Germany SailGP Team, competing in a new championship that rewards teams for sustainability initiatives, as well as their skill and speed on the water.
With the ambition to be the world’s most sustainable and purpose-driven global sports and entertainment platform, SailGP features sailing’s best athletes racing in identical F50 catamarans at record-breaking speeds approaching 100 km/h.
The 10 national teams compete not only on the race course but also in the SailGP Impact League, where points are awarded for performance against environmental and social sustainability benchmarks, and for projects designed to solve sustainability challenges.
Using eDNA to measure ocean biodiversity
Measuring biodiversity, particularly in the marine environment, can be challenging and is often neglected. We have partnered with SailGP, NatureMetrics and Whale and Dolphin Conservation to collect data samples in key locations around the globe to analyse how ocean biodiversity is changing.
The project will use eDNA technology, which detects the presence of local wildlife in water samples, to measure levels of marine vertebrates. In doing so, we aim to raise awareness of the biodiversity crisis, inspiring our clients, SailGP fans and other audiences to help protect the ocean and fight climate change.
ESG is an acronym that stands for Environmental, Social and Governance.
Our ESG framework takes into account applicable regulations and is assessed and updated continually, plus guiding principles developed in-house based on Deutsche Bank’s values and beliefs.
However, there is currently a lack of uniform criteria and a common market standard for the assessment and classification of financial services and financial products as sustainable. This can lead to different providers assessing the sustainability of financial services and financial products differently.
In addition, there are various new regulations on ESG and sustainable finance, which need to be substantiated, and further draft regulations are currently being developed, which may lead to financial services and financial products currently labelled as sustainable not meeting future legal requirements for qualification as sustainable.
We utilise data as well as ESG assessment methodologies that are supplied by independent third-party provider(s). These third-party assessment methodologies and corresponding ratings are therefore subject to change, which may result in turnover in investments within a portfolio to remain in line with an agreed ESG baseline.
ESG ratings are not currently regulated. Therefore, it is important to note that there is a selection of such data providers in the market, and methodologies between these can vary leading to different ratings for the same instruments.
ESG principles may result in a less diversified, more concentrated portfolio.
ESG investing may result in the exclusion of specific industries.
Although Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for the recipient of this document only, and not for publication or external redistribution and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy, and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
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Use of average ESG ratings: given that the ESG rating of a fund/ETF/index is based on a (modified) average of the ESG ratings of the fund/ETF/index constituents, the investor may have exposure to individual securities/companies with an ESG rating below the rating of the fund/ETF/index.
Market risk in connection with sustainability risks: The market price may also be affected by risks from environmental, social or corporate governance aspects. For example, market prices can change if companies do not act sustainably and do not invest in sustainable transformations. Similarly, strategic orientations of companies that do not take sustainability into account can have a negative impact on share prices. The reputational risk arising from unsustainable corporate actions can also have a negative impact. Additionally, physical damage caused by climate change or measures to transition to a low-carbon economy can also have a negative impact on the market price.
Concentration risk: Additional risks may arise from a concentration of investments in particular assets or markets. The Investment Company assets then become particularly heavily dependent on the performance of these assets or markets.
Counterparty risk: The possible use of derivatives gives rise to counterparty risks (counterparty credit risk). This refers to the risk of a possible, temporary or final inability to meet interest and/or repayment obligations on time. This can lead to losses when using derivatives.
Credit risk: The solvency of the issuer of a security or money market instrument held directly or indirectly by the fund may subsequently decline (or term funds: in certain market situations, when shares are returned and at the end of the term, securities or money market instruments contained in the fund may be subject to restrictions, may be sold at a discount or may not be available for sale at all.). This usually leads to price declines for the respective security, which go beyond the general market fluctuations.
Default risk: The securities used by the investment fund (equities, bonds and derivatives, if any) are neither subject to statutory nor voluntary deposit insurance. The fund may therefore lose some or all of the capital invested or used for hedging purposes as a result of fluctuations on the capital markets, as well as the default or insolvency of the respective issuers and counterparties. Insofar as the fund invests in financial instruments that usually make dividend, interest or other payments, these may default in part or in full.
Liquidity risk: When units are redeemed, securities and money market instruments contained in the fund may be restricted, discounted or not available for sale in certain market situations. This can have a negative impact on the unit price.
Market risk: Price loss of securities held in the fund caused by a general stock market movement.
Price risk: At any time the unit value can fall below the purchase price at which the customer acquired the unit.
Derivatives risk: The use of derivatives may expose the fund to increased risks of loss. Derivatives are generally subject to the same market risks as their underlying assets. Due to the low capital investment at closing, a leverage effect can occur and thus greater participation in negative price movements. The use of derivatives can lead to disproportionate losses, up to and including the total loss of the capital used for the derivatives business, and additional payment obligations may arise at the fund level.
Volatility risk: Due to its composition and the techniques used by the fund management, the fund exhibits increased volatility, i.e. unit prices may be subject to stronger downward fluctuations even within short periods of time. For risks associated with ESG, please see dedicated ESG risk disclosure page.
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