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Direct investments |
Indirect investments |
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Governments |
Government-related |
Corporate loans |
Equities |
Real estate |
Other |
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First-phase intermediate target |
Maintain the public debate on climate change, thus encouraging governments to set adequate national determined contributions in line with the Paris Climate Agreement |
Encourage government-related issuers to set climate targets for their own investment activities |
Sector-specific restrictions on coal, oil and gas*. (*Thermal coal: max. 2% of turnover Energy use of coal: max. 5% of turnover Oil drilling: max. 10% of turnover Gas production: max. 40% of turnover All restrictions will be taken into use during 2022. Unconventional oil and gas production will be addressed during 2022, when the necessary climate data are available.) |
50% emission reduction target Invest in products or products of asset managers that have a sufficiently extensive and ambitious climate target/impact |
Invest in products or products of asset managers that have a sufficiently extensive and ambitious climate target/impact |
Invest in products or products of asset managers that have a sufficiently extensive and ambitious climate target/impact |
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Possible intermediate targets for the next phase |
Quantitative target, for example, by changing portfolio weightings |
Quantitative target based on the targets set in phase 1 |
New sector-specific restrictions (new sectors, tightening of current restrictions) |
Tightening the emission reduction target |
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Timetable |
Next review point, by 2025 at the latest |
Next review point, by 2025 at the latest |
Next review point, 2022 |
Next review point, by 2025 at the latest |
Next review point, by 2025 at the latest |
Next review point, by 2025 at the latest |