We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, WhatsApp groups and Mobile Apps. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.

ESG criteria at a glance

ESG criteria complement the classic investment objectives

Zwei Männer unterhalten sich in einem lichtdurchfluteten, modernen Bürogebäude

ESG criteria can complement the investment objectives of return, risk and liquidity, with environmental, social and governance-related aspects. The three ESG criteria provide orientation. They can be understood as a guidance to sustainable investing.

_{* The below is merely an example and not an exhaustive list.}

Carbon footprint (CO₂ emissions)
Conservation of natural resources
Environmental protection

Human rights
Labour standards
Consumer protection

Business ethics
Incentive structures
Competitive behaviour

The DWS ESG Engine

How we create robust ESG assessments

ISS-ESG
MSCI ESG
Morningstar Sustainalytics
S&P Trucost
ESG Book

+ publicly available sources (e.g. Freedom House and Urgewald)

+ DWS proprietary research

Sector Involvement
Norm Violations
ESG Quality
Carbon & Climate
UN Sust. Development Goals
Sovereign Assessments

+ many more

Assessment of strengths and weaknesses of external ESG indicators
Selection of most relevant data providers for each ESG facet

Consensus approach and reconfirmation across several data providers
Data quality checks via ESG Methodology Council and Sustainability Assessment Validation Council

Continuous improvement of existing methodologies
Development of new proprietary assessments

Flexibility in ESG criteria
Broad coverage with 3000+ data points
ESG data fully integrated (e.g. BRS Aladdin, MSCI Barra)
Dedicated and thematic ESG investment strategies

_{* ESG facets refer to a component or a specific aspect of environmental, social or governance criteria that serve as standards for assessing an issuer. For illustrative purposes only.}

Robust ESG assessments

Our rationale for using multiple ESG data providers – an example based on the DWS ESG Quality Assessment

DWS ESG Investment Standard

ESMA: At least 80% of the sub-fund's net assets are invested in assets covered by the DWS ESG Investment Standard

DWS ESG Investment Standard – DWS Use of Proceeds Bonds

Minimum ESG criteria for Use of Proceeds Bonds

Consideration of adverse environmental and social impacts and calculation of the share of sustainable investments (according to SFDR)

This financial product promotes environmental and social characteristics and reports pursuant to Article 8(1) of Regulation (EU) 2019/2088.

	DWS ESG Assessment methodology / exclusion criteria	DWS Assessment scheme or revenue threshold
DWS Group policies	DWS Coal Policy (coal mining and power generation from coal ≥ 25% revenue; coal expansion plans)	Non-compliant
	DWS Controversial Weapons Statement (cluster munition, anti-personnel mines, biological and chemical weapons)	Non-compliant
Controversial sectors (excl. climate)	Other controversial weapons (depleted uranium weapons, incendiary bombs containing white phosphorus, non-detectable fragmentation ammunition, blinding laser device)	Involvement
	Manufacturing or selling of nuclear weapons or key components of nuclear weapons	Involvement
	Manufacturing of products and/or provision of services in the defence industry	≥ 5%
	Manufacturing and/or distribution of civil handguns or ammunition	≥ 5%
	Manufacturing of palm oil	≥ 5%
	Cultivation and production of tobacco	≥ 0%
	Manufacturing of adult entertainment	≥ 5%
	Manufacturing of products in and/or provision of services for the gambling industry	≥ 5%
	Nuclear power generation and/or uranium mining and/or uranium enrichment	≥ 5%
Climate-related assessments	Unconventional extraction of crude oil and/or natural gas (including oil sand, oil shale/shale gas, Arctic drilling)	≥ 0%
	Exploration, mining, extraction, distribution or refining of hard coal and lignite	≥ 1%
	Exploration, extraction, distribution or refining of oil fuels	≥ 10%
	Exploration, extraction, distribution or refining of gaseous fuels	≥ 50%
	Electricity generation with a GHG intensity of more than 100 g CO₂ e/kWh	≥ 50%
General ESG assessments	DWS ESG Quality Assessment (corporates & sovereigns)	F
	Freedom House Status (sovereigns)	"Not free"
	MSCI OECD Alignment (corporates)	"Fail"
	Good Governance is measured with Norm Controversy Assessment (corporates)	F / M

	DWS ESG Assessment methodology / exclusion criteria	DWS Assessment scheme or revenue threshold
DWS Group policies	DWS Coal Policy (coal mining and power generation from coal ≥ 25% revenue; coal expansion plans)	Non-compliant
	DWS Controversial Weapons Statement (cluster munition, anti-personnel mines, biological and chemical weapons)	Non-compliant
Controversial sectors (excl. climate)	Other controversial weapons (depleted uranium weapons, incendiary bombs containing white phosphorus, non-detectable fragmentation ammunition, blinding laser device)	Involvement
	Manufacturing or selling of nuclear weapons or key components of nuclear weapons	Involvement
	Manufacturing of products and/or provision of services in the defence industry	≥ 5%
	Manufacturing and/or distribution of civil handguns or ammunition	≥ 5%
	Manufacturing of palm oil	≥ 5%
	Cultivation and production of tobacco	≥ 0%
	Manufacturing of adult entertainment	≥ 5%
	Manufacturing of products in and/or provision of services for the gambling industry	≥ 5%
	Nuclear power generation and/or uranium mining and/or uranium enrichment	≥ 5%
Climate-related assessments	Unconventional extraction of crude oil and/or natural gas (including oil sand, oil shale/shale gas, Arctic drilling)	≥ 0%
	Exploration, mining, extraction, distribution or refining of hard coal and lignite	≥ 1%
	Exploration, extraction, distribution or refining of oil fuels	≥ 10%
	Exploration, extraction, distribution or refining of gaseous fuels	≥ 50%
	Electricity generation with a GHG intensity of more than 100 g CO₂ e/kWh	≥ 50%
General ESG assessments	DWS ESG Quality Assessment (corporates & sovereigns)	F
	Freedom House Status (sovereigns)	"Not free"
	MSCI OECD Alignment (corporates)	"Fail"
	Good Governance is measured with Norm Controversy Assessment (corporates)	F / M

	DWS ESG Assessment methodology / exclusion criteria	Assessment^[1] or Revenue threshold^[2]
PAB-Exclusions	Controversial weapons (anti-personnel mines, cluster munitions, chemical and biological weapons, blinding laser weapons, weapons with non-detectable fragments, depleted uranium weapons/munitions and/or incendiary weapons using white phosphorus)	Involvement
	Cultivation and production of tobacco	≥ 0%
	Norm Controversy Assessment	F
	Exploration, mining, extraction, distribution or refining of hard coal and lignite	≥ 1%
	Exploration, extraction, distribution or refining of oil fuels	≥ 10%
	Exploration, extraction, distribution or refining of gaseous fuels	≥ 50%
	Electricity generation with a GHG intensity of more than 100 g CO₂ e/kWh	≥ 50%
Controversial sectors (incl. climate)	Coal expansion plans	> 0%
	Nuclear power generation and/or uranium mining and/or uranium enrichment	≥ 5%
	Unconventional extraction of crude oil and/or natural gas (including oil sand, oil shale/shale gas, arctic drilling)	> 0%
Other ESG assessments	Freedom house status (sovereigns)	“Not free”
MiFID II-related sustainability information	Share of sustainable investments (SFDR)	Always 100% for Green, Social and Sustainability Bonds

	DWS ESG Assessment methodology / exclusion criteria	Assessment^[1] or Revenue threshold^[2]
PAB-Exclusions	Controversial weapons (anti-personnel mines, cluster munitions, chemical and biological weapons, blinding laser weapons, weapons with non-detectable fragments, depleted uranium weapons/munitions and/or incendiary weapons using white phosphorus)	Involvement
	Cultivation and production of tobacco	≥ 0%
	Norm Controversy Assessment	F
	Exploration, mining, extraction, distribution or refining of hard coal and lignite	≥ 1%
	Exploration, extraction, distribution or refining of oil fuels	≥ 10%
	Exploration, extraction, distribution or refining of gaseous fuels	≥ 50%
	Electricity generation with a GHG intensity of more than 100 g CO₂ e/kWh	≥ 50%
Controversial sectors (incl. climate)	Coal expansion plans	> 0%
	Nuclear power generation and/or uranium mining and/or uranium enrichment	≥ 5%
	Unconventional extraction of crude oil and/or natural gas (including oil sand, oil shale/shale gas, arctic drilling)	> 0%
Other ESG assessments	Freedom house status (sovereigns)	“Not free”
MiFID II-related sustainability information	Share of sustainable investments (SFDR)	Always 100% for Green, Social and Sustainability Bonds

ESG criteria at a glance

ESG criteria can complement the investment objectives of return, risk and liquidity, with environmental, social and governance-related aspects. The three ESG criteria provide orientation. They can be understood as a guidance to sustainable investing.

_{* The below is merely an example and not an exhaustive list.}

Environmental

Social

Government

The DWS ESG Engine

5 Leading ESG data providers

Multiple ESG Facets*

Data Excellence

Robust Assessments

Ongoing Development

Executive summary

Robust ESG assessments

DWS ESG Investment Standard

DWS ESG Investment Standard – DWS Use of Proceeds Bonds

Consideration of adverse environmental and social impacts and calculation of the share of sustainable investments (according to SFDR)

Consideration of adverse environmental and social impacts

Quick Access

Topic

More DWS