Sustainable Development Goals
Transforming our world: As part of society, Commerzbank is making its contribution to achieving the 2030 Agenda for Sustainable Development
What are the Sustainable Development Goals?
The Sustainable Development Goals (SDGs) of the United Nations are intended to ensure sustainable development from an economic, social, and ecological perspective. The 17 goals with a total of 169 sub-goals address economic growth, disparities in living standards and equal opportunities, sustainable use of natural resources and human rights.
How did the SDGs come about?
The General Assembly of the United Nations adopted the SDGs, with a runtime until 2030, by consensus in New York in September 2015. To enable concrete actions, the SDGs are to be implemented by all states, civil society and the private sector, particularly at a regional and local level.
Commerzbank’s contribution to the SDGs
Commerzbank also has a responsibility to contribute to the SDGs. We are primarily focusing our efforts on those goals which we have the greatest impact on by means of our business model. Therefore, the environmental SDGs are our initial strategic focus: After all, protecting ecological livelihoods is a prerequisite for social stability and economic prosperity, which is where our greatest impact lever as a financial institution lies. In the overview below, we illustrate precisely how Commerzbank contributes to the achievement of each goal.
Client Transformation, We enable our customers to implement their sustainable transformation
Environment
Ensure access to affordable, reliable, sustainable and modern energy for all
Commerzbank has been engaged in the financing of renewable energies since the 1980s. Commerzbank's expertise on the subject of energy is located in the Center of Competence Energy, which was founded in 2003 and nowadays ranks among the largest financiers of renewable energies in Europe. At the locations in Hamburg and New York more than 50 employees provide support to manufacturers, suppliers, project developers and investors with a focus on the technologies wind on- and offshore as well as solar (photovoltaics, solar thermal power plants).
The energy transition is also a relevant topic for small and medium-sized enterprises. Energy efficiency not only contributes to climate protection, but also to a significant reduction in energy costs. Commerzbank is one of the leading banks in the usage of public subsidies for corresponding investments by SMEs – such as commercial energy efficiency programs of the KFW – and advises its Corporate Clients on the development of suitable financing solutions.
The transformation towards affordable, reliable, sustainable and modern energy is one of the great challenges that we face in this decade. These demands of the SDGs show that conflicting goals exist within the transformation of energy generation. That is because nationwide, reliable energy is currently not yet possible without fossil fuel-based power generation. To improve this situation, Commerzbank has already issued two Green Bonds of its own, each with an issue volume of 500 million euros. With the proceeds, the bank finances projects in the field of renewable energies. In addition to investments in renewable energies, Commerzbank also promotes energy-efficient construction and renovation of buildings.
Make cities and human settlements inclusive, safe, resilient and sustainable
Resource efficiency in housing construction and in the energy supply of cities is at the heart of our efforts for SDG 11. After all, real estate in Germany accounts for 35 % of final energy consumption and around 30 % of CO2 emissions. Investments in more climate protection are usually quickly amortized by the eliminated costs of energy.
With the green construction financing, investments in greater energy efficiency should pay off even faster. To this end, Commerzbank offers preferential financing terms for the purchase, construction or modernization of buildings with a final energy requirement of less than 5075 kWh per square meter of usable floor space. Buildings in these energy classes are currently among the 15 % most energy-efficient buildings in Germany in relation to the existing building stock and are therefore – according to the current state of discussion – to be classified as sustainable.
In addition, we enable our Private, Small-Business and Corporate Customers to participate in various KFW programs. These public funds subsidise, for example, energy-efficient construction and renovation as well as investments in the use of heat and electricity from renewable energies.
Ensure sustainable consumption and production patterns
Around 50 % of the climate protection potential and 90 % of the reduction in the biosphere can be attributed to the field of action regarding SDG 12, and this is where a great deal of leverage lies, particularly in industrialized countries. Financial institutions also play a central role in this, as they can redirect financial flows in such a way that they contribute to more sustainable consumption and production. To this end, Commerzbank is constantly working on developing its positions and policies. General exclusion criteria were updated as recently as the beginning of 2022 on the topics of coal, oil and gas. Commerzbank also takes a stance on the social and societal issues of “armaments” and “ship dismantling”.
In addition, Commerzbank does not have any business relationships with palm oil companies that are not members of the Roundtable on Sustainable Palm Oil (RSPO). With our green product offerings for Corporate Clients as well as Private and Small-Business Customers, we also want to actively contribute to making consumption and production more sustainable, for instance by issuing several green bonds, the proceeds of which finance projects in the field of renewable energies. Since 2020, there has also been an attractive impact fund for private investors, which should lead to generation of renewable energies as well as sustainable infrastructure, mobility and forestry worth a total of, at least, 25 billion euros.
Take urgent action to combat climate change and its impacts
To lead by example, we have also set ourselves a clear and controllable goal: Net-Zero Banking. As one of the first institutions worldwide, we are committed to completely neutralize greenhouse gas emissions across our entire loan and investment portfolio by 2050 at the latest, thus becoming a Net-Zero Bank. In April 2021, we therefore joined the Net-Zero Banking Alliance of the UNEP FI as first signatory. To manage our portfolios, we use the scientific approach of the Science Based Targets Initiative (SBTi), which we were also the first German institution to join in 2020.
In addition, Commerzbank adopted a new fossil fuel policy in 2022 with the aim of accelerating the coal phase-out by 2030. In the two years prior to this, we had already halved our coal portfolio. At the beginning of 2022 it stood around 1 billion euros, representing only around 0.2 % of the bank’s total portfolio. With the new directive, the threshold for companies with coal purchases will be significantly lowered and put on an equal footing worldwide: Existing customers that currently generate 20 % or more of their sales or electricity from coal have until 2025 to develop a plan for phasing out coal by 2030. To this end, Commerzbank will enter into an intensive exchange with its customers. Commerzbank will not enter any new business relationships with companies that currently generate more than 20 % of their revenue or electricity from coal. The same applies to potential new customers with expansion plans. With the new guideline, Commerzbank is also regulating its dealings with companies in the oil and gas sectors in a binding manner for the first time: Existing business relationships in these sectors are regularly reviewed for environmental and social aspects. In addition, we do not enter into any new business relationships with companies that are pursuing expansion plan in oil and gas. The financing of new oil-fired power plants as well as oil and gas production projects is also excluded as a matter of principle. This applies to both conventional and unconventional production methods.
Furthermore, we are actively involved in numerous initiatives and have, among others, recently signed the UN Principles for Responsible Banking and the Climate Protection Commitment of the German financial sector and have joined the Task Force on Climate-related Financial Disclosure (TCFD).
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
We became the first bank to join the “Biodiversity in Good Company” initiative to protect and sustainably use global biodiversity together with other companies. With our accession, we are committed to recognizing and supporting the objectives of the International Convention on Biodiversity (CBD). To achieve these overarching goals, we analyse our company activities regarding possible dependencies and our impact on biodiversity.
The basis for managing biodiversity is an impact and dependency analysis carried out by us using the "ENCORE" tool. This analysis has enabled us to identify relevant areas of action and strategic focus in our portfolio. In the next step, we will derive concrete and verifiable goals for the improved protection of biodiversity and its sustainable use and accompany our customers on their way to a more biodiversity-friendly future.
To report transparently on the opportunities and risks identified in our credit portfolio, we have been supporting the Task Force on Nature-related Financial Disclosures (TNFD) since April 2023. Our TNFD report will be published for the first time in 2023 in our non-financial report.
Social
Achieve gender equality and empower all women and girls
Personal freedom and self-determination also include financial freedom, asset accumulation and a secure retirement provision. With its “finanz-heldinnen” (translates to: finance heroes) initiative, Commerzbank is facilitating women to be enthusiastic about finance. The initiative was founded at the beginning of 2018 by female employees of comdirect with the aim of making a positive contribution to society. To help women become more familiar with the topic of finance and make their own financial decisions, finanz-heldinnen provides a wide range of knowledge offerings: Online magazine, podcast, afterworks and Instagram channel, as well as the “Manager-Magazin” bestselling book “Der Finanzplaner für Frauen” (translates to: financial planner for women). Commerzbank also created a network for women with the #togetherstronger initiative, which creates exchange and knowledge about finance. The faces of the campaign include entrepreneur and model Sara Nuru and comedian, human rights activist and entrepreneur Enissa Amani. They speak out for more diversity, more courage and more financial freedom.
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
A strategy geared to the long-term is at the core of our banking business. We know that we can only be successful in an intact and sustainable social and ecological system. As one of the leading banks in export financing, Commerzbank is also concerned with sustainability issues in relation to global trade. In addition, as a bank for small and medium-sized enterprises, Commerzbank is also involved in strengthening the German industry. Furthermore, the bank has been committed to trade finance in the areas of clean energy and environmentally friendly technology for years. The support of all companies involved in the value chain by the Competence Center Energy provides Commerzbank with in-depth expertise regarding technologies, market participants and financing structures. By providing financing solutions for energy efficiency programs, we enable our SME clients to innovate and adopt new technological approaches. Neosfer, Commerzbank’s research and development subsidiary, also analyses future technologies such as blockchain, artificial intelligence and robotics, or develops its own technologies for banking in the future.
Governance
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Commerzbank handles around 30 % of German foreign trade and is the market leader in financing of small and medium-sized enterprises (SMEs). The key role played by German SMEs in employment and economic activity goes hand in hand with a special responsibility. After all, SMEs are Germany’s economic and employment engine. They are the driving force behind innovations and a strong partner for large companies worldwide. In 2021, Commerzbank additionally assisted the European Union in issuing two social bonds under the “Sure program”. This supports member states in combating the consequences of Covid-19, in particular to secure jobs in the EU.
Commerzbank’s human rights position in general commits the bank to respecting the rights of its employees, customers and other parties involved in its supplier relationships, and monitors products, transactions and other relationships for compliance with this position as part of its reputation risk management. Commerzbank’s Code of Conduct stipulates that all employees worldwide must respect human and personal rights as fundamental rules of the community and also expect their business partners to do the same. In defining the content of human rights, Commerzbank refers to the internationally accepted human rights standards, which include the UN International Bill of Human Rights and the IKLO core labour standards. Commerzbank is also part of the UN Global Compact. In addition, Commerzbank is a signatory to the “Diversity Charter” of companies in Germany and thus sends a visible signal to employees, customers and business partners regarding the clear acceptance of individuality and diversity. By recommending the usage of gender-appropriate and inclusive language, we are sensitizing our workforce to people who may not feel included in the previous language patterns.
Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development
By sharing experiences with other organizations, we strive to continuously improve our own sustainability performance and further expand the contribution of the financial sector to sustainable development as a whole. To this end, we are involved in numerous United Nations initiatives such as UNEP FI, UN Global Compact, the Women’s Empowerment Principles, the Corporate Forum on Inclusion, the Genderdax project, and the Principles for Responsible Banking. Furthermore, we are active in many national associations, such as the Alliance for Development and Climate and the Green and Sustainable Finance Cluster Germany and have signed the German financial sectors Climate Protection commitment.
Transparent stakeholder dialogue with industry representatives, society, the capital market, customers and suppliers is also part of our regular partnership exchange. In this way, we try to meet the expectations and needs of our stakeholders and promote the sustainable development of our company and our environment.
Bank Transformation, We lead by example
Environment
Ensure access to affordable, reliable, sustainable and modern energy for all
In 2021, Commerzbank set itself the goal of reducing its entire own banking operations to net zero by 2040 as part of its Net Zero Strategy. By 2025, greenhouse gas emissions at Commerzbank are already to be reduced by 30 % compared to 2018. Commerzbank’s banking operations have already been climate-neutral since 2015; in domestic locations, the bank has been using exclusively green electricity since 2013, with the proportion also exceeding 90 % on a global scale. Commerzbank offsets emissions that cannot yet been avoided by purchasing CO2 certificates, preferably from renewable energy generation projects in developing countries.
Make cities and human settlements inclusive, safe, resilient and sustainable
Another important component of our sustainability strategy is the sustainable transformation of the bank itself. Therefore, we pay close attention to energy-saving construction methods and efficient building operation in new buildings and renovations. In order to reduce our energy consumption on an ongoing basis, we are addressing various points and continuously optimizing the buildings in our portfolio through the usage of modern technology. In addition, we have been sourcing 100 percent of our electricity from renewable energy sources in Germany since 2013. In 2017, we were certified in accordance with the U.S. LEED (Leadership in Energy and Environmental Design) standard for resource-efficient construction and management with the highest certification level of Platinum in the category “existing buildings” awarded to high-rise buildings.
Ensure sustainable consumption and production patterns
The task of our environmental and energy management is to systematically promote operational environmental protection in all its facets with the inclusion of employees, in order to make Commerzbank’s actions even more sustainable. Key objectives include optimizing resource consumption, increasing the use of renewable energies, and reducing direct and indirect greenhouse gas emissions. To this end, Commerzbank is ISO 14001 and 50001 certified and thus acts in compliance with the international standards for environmental and energy management systems. With the standard for sustainable procurement, our Corporate Procurement provides binding guidelines to ensure that all parties involved in the process take sustainability aspects into account when purchasing goods and services. The environmental, social and governance (ESG) criteria set out in the standard reflect Commerzbank’s expectations to the corporate responsibility of its service providers and suppliers. As such, among other things, we want to commit our suppliers to sustainable, inclusive products and services in order to actively support the inclusion of employees and customers with disabilities. Our contract with the Cooperative of Workshops for People with Disabilities also helps to ensure that aspects of inclusion have a place in our procurement decisions. In this way, Commerzbank also actively influences the sustainable orientation of its suppliers through purchasing decisions. The goal of the standard is to systematically promote sustainable development in the procurement process. With our Net Zero Strategy, we are setting additional focus for sustainable procurement: We are aiming for a 100 % climate-neutral supplier portfolio by 2040.
Take urgent action to combat climate change and its impacts
Since 2008, Commerzbank has been pursuing a climate strategy that included, among other things, reducing our own greenhouse gas emissions by 70 % by 2020. Having achieved this goal two years ahead of schedule, the bank has set itself the target of a further 15 % reduction in emissions by 2025. Where greenhouse gas emissions cannot be avoided, they have been offset since 2015 – the bank operates climate neutral by offsetting unavoidable greenhouse gas emissions with CO2 certificates. With our Net Zero Strategy, we have set ourselves a much higher target in 2021: by 2040, emissions generated in our own banking operations are to be reduced to net zero. Net zero means reducing emissions in line with the latest climate science and offsetting the remaining residual emissions with carbon removal credits.
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
Commerzbank has been actively involved in the protection of biodiversity for years with various projects. Since 1990, Commerzbank has been offering the environmental internship together with German nature reserves and has been able to reforest more than 1 million square meters of public forest since autumn 2018 thanks to the cooperation with Bergwaldprojekt. In addition, we are gradually implementing measures to protect biodiversity on the land we use ourselves. As a first step, a bee pasture and an insect hotel were created on the site of the Lateral Towers in Frankfurt to create habitats for flora and fauna.
Social
Ensure healthy lives and promote well-being for all at all ages
Health management is a key concern at Commerzbank and has been pursued in a strategic approach since 2006: The aim is to promote mental and physical health as well as social well-being of all employees. Therefore, Commerzbank communicates health knowledge through a variety of formats. Furthermore, there are bank-wide exercise campaigns and a wide range of different sport activities as part of the corporate sports program. Commerzbank also tries to actively promote the well-being of its employees by providing places in daycare centres, exceptional childcare, holiday care, and events for parents. At the same time, Commerzbank offers free nursing care advice, regular nursing care workshops and time off for nursing care that go beyond the statutory regulations. With increasingly flexible working opportunities alternating between the workplace and home office, the bank is also offering more time sovereignty, which will have a positive impact on employees’ work-life balance.
Ensure inclusive and equitable quality education and promote lifelong opportunities for all
Education and the reduction of disadvantages is a focal point of our social commitment. For this reason, the bank is dedicated to further education in the bank as well as to educational formats in society, including, for example the business@school program and the environmental internship. For over 30 years, Commerzbank has been offering interns access to over 20 conservation areas in Germany and the opportunity to acquire important skills for their future career choice as part of the environmental internship. Internally, we want to discover and develop the skills of our employees at an early stage. Therefore, our talent management takes a holistic approach, starting with the recruitment and development of trainees and including the supervision of talent pools for the first management level within the Group. However, we also see the empowerment of our employees for the digital transformation and lifelong learning in a constantly changing professional world as important tasks. In this context, we attach great importance to inclusion. New e-learning modules and updates are designed according to accessibility criteria. Equally, in classic training measures, accessibility is also taken into account.
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Commerzbank Group’s business success is based on qualified and motivated employees. In 2022, 41,909 employees worldwide contributed their knowledge and experience to our work processes. The basic understanding of fairness and respectful treatment as well as diversity in practice is anchored in our corporate values and in the Code of Conduct, and its implementation is our responsibility as an employer. Commerzbank aims to offer its employees a working environment based on partnership. Our human resources policy makes it possible to promote the development of the individual employee as well as collegial cooperation – even in an economically changing environment.
With a total of 7 employee networks, we offer our employees platforms for their involvement in issues that go beyond the daily work routine. More than 1,500 employees regularly commit to goals that promote equality and partnership. We are convinced that this commitment makes a significant contribution to our corporate culture, and we will continue to promote this in the future.
In 2018, we were the first bank in Germany to send a clear signal with our action plan for inclusion based on the UN Convention on the Right of Persons with Disabilities. Since then, numerous facilitations have been implemented for employees with disabilities, promoting an inclusive working environment overall. And with the implementation of the Barrier-Free Accessibility Act in a bank-wide project, we are also focusing on our customers. The goal is to offer our products and services as barrier-free as possible by mid-2025. In this way, we will create greater accessibility for people with disabilities, but also for the growing number of older people. We have been exceeding the current rate of 5 % for severely disabled persons for several years. And this remains our aspiration for the future.
Governance
Achieve gender equality and empower all women and girls
Gender equality is a central theme of Commerzbank’s diversity strategy. Diverse teams often demonstrate better performance and are also essential for the success of the company in view of internationalization and demographic change. Although women account for about 53 % of the Commerzbank workforce, they are not yet equally represented at management level. For this reason, the conditions regarding work-life balance have been further improved in recent years in order to open up new career opportunities that are particularly relevant for women. These factors include in-company childcare, innovative part-time models – including for executives – and structured return options to prevent dropouts. To this end, the “return guarantee after parental leave” model, for instance, was extended to all Commerzbank employees in 2021. In recent years, these and other measures have enabled Commerzbank to increase the proportion of women in management positions to more than 30 % across the Group. Our Board of Managing Directors has already set a next target of 40 % across all management levels by the end of 2030.
All areas of Commerzbank are explicitly tasked with actively approaching suitable female employees when filling vacancies. The aim is to further increase the proportion of female candidates for management positions when new positions are appointed. As a support measure, the bank already offers awareness workshops on the topic of diversity and inclusion at foreign locations. In the Boston Consulting Group’s Gender Diversity Index, the bank has steadily improved its ranking and has now reached 12th place among 99 German companies. The minimum goal is to maintain this position.
Reduce inequality within and among countries
For almost three decades, our diversity management has been working to create an open, fair and appreciative environment throughout the Group. In this context, the focus is on gender equality and the inclusion of people with disabilities, as well as the promotion of cultural diversity. For us, diversity is a success factor for the development of the bank. The Group employs people from around 120 nations worldwide. The different backgrounds enliven and enrich the way we work together. Different perspectives and experiences lead to new ideas.
Commerzbank Aktiengesellschaft is committed to an open approach to the topic of sexual orientation and gender identity among employees, customers and business partners. In the 2021 financial year, the bank continued on its path to further anchor the self-understanding of our diverse society into the bank’s culture. The aim is to break down conscious and unconscious prejudices and reduce fear of contact. This is achieved at the bank through exchange formats, digital events and communication about queer people. External impulses are regularly incorporated into our events and panel guests from other companies or industries are invited for exchange formats in order to continually broaden our own perspective. In particular, the formats on the topic of unconscious reservations, family skills or equal opportunities, which are guided by members of the bank’s Management Board and divisional members, find great approval among employees. Examples for the cross-company cooperation are the initiatives of our ARCO network. On the occasion of Coming Out Day, people were given concrete options for action in an exchange format in order to be able to support those affected in the best possible way. The ARCO network is supported in the bank by so-called "Allies" - regardless of their own sexual orientation or identity. New since 2021 are our Executive Allies in top management, who support us and our members.
Further, the bank is committed to and maintains a zero-tolerance policy on: Discrimination, Bullying, Sexual Harassment, Stalking. The corresponding company agreement was decisively expanded in 2021 to cover all diversity aspects and, particularly, the issue of racism.
Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
Integrity is deeply rooted in our corporate culture and requires each individual to act responsibly so that his or her activities for the bank are in compliance with the relevant laws, voluntary commitments and internal guidelines. The globally binding Code of Conduct provides employees with guidance for correct and ethical behaviour in their daily work. Compliance activities focus on preventing and detecting money laundering, terrorist financing, market abuse (insider trading and market manipulation), fraud, corruption and other criminal activities in the business environment, as well as investor protection. We expanded these to include diversity and inclusion aspects in 2022. Commerzbank’s business model does not aim to be present in tax havens. As of the end of 2020, no branch was located in a location that is on the “Common EU List of Third Countries for Tax Purposes”.
Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development
By sharing experiences with other organizations, we strive to continuously improve our own sustainability performance and further expand the contribution of the financial sector to sustainable development as a whole. To this end, we are involved in numerous United Nations such as UNEP FI, UN Global Compact, the Women’s Empowerment Principles, the Corporate Forum on Inclusion, the Genderdax project, and the Principles for Responsible Banking. Furthermore, we are active in many national associations, such as the Alliance for Development and Climate and the Green and Sustainable Finance Cluster Germany and have signed the German financial sectors Climate Protection commitment.
Commerzbank is also actively engaged: in 2007, we co-founded the Diversity Charter in Germany. Since 2013, Commerzbank has been involved in the Prout-Employees program as one of the eight founding members of the “Prout@Work-Foundation”. The goal is to promote equal opportunities for homosexual and transgender employees and to create an appreciative working environment. We have been a member of the “Genderdax Project” of the Universities of Lübeck and HS Hamburg for the promotion of women in management positions since 2008, and, since 2017 of the “Corporate Forum for the Inclusion of People with Disabilities”. In addition, we regularly participate in events of the European Banking Federation to further promote the achievement of the SDGs.
Transparent stakeholder dialogue with industry representatives, society, the capital market, customers and suppliers is also part of our regular partnership exchange. In this way, we try to meet the expectations and needs of our stakeholders and promote the sustainable development of our company and our environment.