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Introduction: Sustainability is Part of NRW.BANK

In accordance with the law under which it was founded as the promotional bank of North Rhine-Westphalia, NRW.BANK accepts its corporate responsibility. Its activity is geared to the principle of sustainability, which it has defined as follows: “Sustainable development is development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs”.

In accordance with its sustainability strategy, NRW.BANK specifically promotes such projects and programmes which are designed to improve the economic and environmental living conditions, social development as well as environmental and climate protection (Ankerlink: Shaping Sustainable Promotion for the Customer) in North Rhine-Westphalia.

Sustainability Report for download

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Living Corporate Responsibility

Sustainability is a central guiding principle and a key criterion for NRW.BANK’s decisions on business policy. It is reflected in all phases of NRW.BANK’s corporate activities, starting from its strategic and business policy decisions to the shaping of its range of products and services down to the implementation of specific financings, its capital market activities and the advisory services it provides. NRW.BANK understands the economic, environmental, social and corporate governance aspects of sustainability as being inextricably linked. The ethical principles are derived from the values of NRW.BANK’s mission statement and its Sustainability Guidelines.

Our Sustainability Guidelines

The Sustainability Guidelines consist of four individual, closely linked components which describe the handling of sustainability as a central guiding principle at NRW.BANK and support its ongoing further development.

The sustainability principles describe the implementation of sustainability at NRW.BANK. The former Principles of Corporate Responsibility at NRW.BANK as amended on December 7, 2012 have been absorbed into the Sustainability Guidelines.

Specifications put the sustainability principles into more concrete terms which are so detailed that they govern the Bank’s business activities taking economic, environmental, social and ethical aspects into account.

Based on an annual update of the sustainability principles, NRW.BANK defines objectives and related sustainability measures which are to push ahead the further development of sustainability at NRW.BANK and have a positive influence on the future of the State of North Rhine-Westphalia.

The annual Sustainability Report and the Sustainability Portal are important communication tools we use to provide our stakeholders with transparent information on the results of NRW.BANK’s sustainable action. Basic information on the Bank’s corporate responsibility is provided – also within the framework of existing legal requirements – in the annual financial report as well as the non-financial report. Sustainability communications transparently document the progress and effects of NRW.BANK’s sustainability efforts.

Sustainability Guidelines for download

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Selection of Objectives for the Period 2023 to 2026

  • Development of a climate strategy

  • Expansion of support for sustainable investments by companies - in particular for CO2 reduction projects

  • Introduction of special risk quotas in favor of transformation projects

  • Expansion of sustainable portfolio management to take into account transformation opportunities/risks and to support the Paris climate goals using MSCI Implied Temperature Rise (ITR)

  • Expansion of personnel development offerings on future competencies

Public Corporate Governance

Being a promotional bank, NRW.BANK is very much committed to transparent and responsible action towards the public, its guarantor and owner as well as investors, customers and employees. This commitment is based on the Public Corporate Governance Code, as last amended on July 1, 2019, with which the members of the Managing Board, the Supervisory Board and the Board of Guarantors fully identify. Building on this basis, the Bank publishes an annual Report on Public Corporate Governance to inform about material corporate governance developments. It forms part of the Financial Report and is made available here as a separate document.

For many years, the Bank has implemented transparency and responsibility in its dealings with its target groups. In early 2006, NRW.BANK was one of the first public-sector companies in Germany to adopt a Public Corporate Governance Code and to officially commit itself to this standard of corporate governance.

For more info on Public Corporate Governance, click here.

Sustainability Initiatives

To underline the importance of corporate responsibility for NRW.BANK and to promote its further development internally, the Bank joined the “Diversity Charter” and the “United Nations Environment Programme - Finance Initiative (UNEP FI)” in 2009 and signed the ten principles of the UN Global Compact. Since 2015, the Bank has also been a member of the Green Bond Principles and of the Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten e.V. (VfU). To reaffirm its sustainable investment policy, NRW.BANK signed the Principles for Responsible Investment (PRI) in 2020.

Sustainability Ratings

As general awareness for sustainability increases, investors have shown growing interest in sustainable investments over the past years. Ratings based on sustainability aspects are intended to support investors in their investment decisions.

As an issuer in the international capital market, NRW.BANK has been awarded sustainability ratings for its corporate responsibility performance since 2005. At present, NRW.BANK’s sustainability performance is regularly rated by ISS ESG, Moody’s ESG Solutions, MSCI ESG and Sustainalytics.

ISS ESG  Moody’s ESG Solutions  MSCI ESG Sustainalytics
ESG Corporate Rating ESG Score ESG Rating1) ESG Risk Rating2)
Prime (C) Robust (53/100) Leader (AA) Negligible Risk (8.2)
(October 2020) (July 2021) (May 2023) (November 2021)

1) The use by NRW.BANK 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 NRW.BANK 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.

2) Copyright ©2022 Sustainalytics. All rights reserved. This annual report contains information developed by Sustainalytics ( Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at

Shaping Sustainable Promotion for the Customer

All of NRW.BANK’s promotional activities make a contribution to the development of enterprises and municipalities in North Rhine-Westphalia. Our promotional products and services support the improvement of economic, environmental and social living conditions as well as the development of sustainable and future-oriented economic structures.

Annual Report for download

Our Promotional Programme

Thorsten Pacha von den Stadtwerken Bochum dreht das Rad eines Absperrventils

Here you will find all information on the possibilities for promotion offered by NRW.BANK.

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Balance Sheet of NRW.BANK as of December 31, 2020

NRW.BANK's results of operations 2020
€ millions
€ millions
€ millions
Net interest income 719.1 658.2 60.9
Net commission income 82.9 78.6 4.3
Net result from trading operations 0.4 1.0 -0.6
Other operating result -222.2 -280.1 57.9
Operating income 580.2 457.7 122.5
Personnel expenses -154.2 -151.6 -2.6
Operating expenditure -118.3 -111.5 -6.8
Administrative expenses -272.5 -263.1 -9.4
Operating result before risk
provisions/revaluation adjustments
307.7 194.6 113.1
Risk provisions/revaluation adjustments -289.6 -181.0 -108.6
allocation to fund for
general banking risks
-50.0 -50.0 0.0
Taxes on income and revenues -11.2 -5.4 -5.8
Net income 6.9 8.2 -1.3


Assets Dec. 31, 2020
€ billions
Dec. 31, 2019
€ billions
€ billions
Cash reserve 4.3 1.9 2.4
Receivables from banks 46.3 43.1 3.2
Receivables from customers  60.4 59.1 1.3
Bonds and other
interest-bearing securities
38.6 39.6 -1.0
Equity investments in
non-affiliated and affiliated
2.4 2.4 0.0
Other assets 3.8 3.1 0.7
Total assets 155.8 149.2 6.6


Liabilities Dec. 31, 2020
€ billions
Dec. 31, 2019
€ billions
€ billions
Liabilities to banks 40.5 33.7 6.8
Liabilities to customers 11.4 12.7 -1.3
Certificated liabilities 75.1 75.9 -0.8
Provisions 3.1 2.9 0.2
Subordinated liabilities 1.6 1.7 -0.1
Fund for general
banking risks
1.0 1.0 0.0
Equity capital 18.0 18.0 0.0
Other liabilities 5.1 3.3 1.8
Total liabilities 155.8 149.2 6.6

Further Development of Sustainable Capital Market Business

NRW.BANK implements the sustainability principles also in its capital market business. Building on its sustainable promotional business, the Bank issues Green and Social Bonds and enables investors to participate in projects with special environmental and social benefits. The Bank thus generates sustainable income for its investors.

Employee holds the symbol for UN SDG number 13: climate protection.

NRW.BANK.Green Bond

Click on the link below for the details page of the NRW.BANK.Green Bond.

Go to Green Bonds
Employee holding the symbol for UN SDG number 11: Sustainable Cities and Communities.

NRW.BANK.Social Bond

Click below for the details page of the NRW.BANK.Social Bond.

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NRW.BANK building with flags.

Investor Relations

Click below to visit the Investor Relations start page.

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For many years, NRW.BANK has also been pursuing the integration of sustainability in capital investments and is making steady progress in this field.

  1. NRW.BANK.ESG Investment Framework

    In addition to the Sustainability Guidelines and sustainability reporting, the NRW.BANK.ESG Investment Framework creates further transparency about the integration of ESG criteria into our investment portfolio.

    Download the file

Protecting the Climate and the Environment

For many years, we have been committed to the responsible use of our natural resources and the protection of our environment and climate. To ensure that we keep getting better all the time, we continuously review the sustainability of our actions.

Certificates and Awards

Vorschaubild für die
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Assuming Social Responsibility for Employees

As a public-law institute NRW.BANK has a special responsibility to act as a role model for a sustainable human resources policy. This comprises all aspects from offering future-proof jobs to balancing work and family life to ensuring gender equality and implementing a modern health management.

NRW.BANK in 60 seconds

NRW.BANK is the promotional bank of North Rhine-Westphalia (NRW). Its mission is to support its owner – the state of North Rhine-Westphalia – in the completion of its structural and economic policy tasks. In its three promotional fields “Economy”, “Housing” and “Infrastructure/Municipalities”, NRW.BANK uses a wide range of promotion tools – from low-interest promotion loans to equity financing to promotional advisory services. It cooperates with all banks and savings banks based in NRW on a competition-neutral basis.


NRW.BANK is an Award-winning Employer


Career at NRW.BANK

Mitarbeiter der NRW.BANK

Here you will find all information on NRW.BANK as an employer.

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Showing Commitment to Society

We are aware of our social responsibility as a promotional bank. This is why, every year, we support projects that are important for social life in North Rhine-Westphalia. This also includes promoting young artists.


NRW.BANK Managing Board member Dietrich Suhlrie is involved in the German Forest Protection Association (Schutzgemeinschaft Deutscher Wald)

Corporate Citizenship

Click below to visit NRW.BANK’s Corporate Citizenship page.

Go to Corporate Citizenship [German]


Click below to visit NRW.BANK’s Art page.

Go to Art at NRW.BANK [German]