We actively contribute to the public debate on sustainable finance and engage in dialogue with leading sustainability rating agencies. Our sustainable financial instruments underpin our corporate strategy to develop into a sustainable and innovative infrastructure partner.

ESG ratings

EnBW is regularly rated in the areas of sustainability and finance by various rating agencies.

We liaise closely with leading sustainability rating agencies and incorporate their analyses and assessments of our corporate strategy, situation and prospects in our decision-making. We seek to continuously improve our ratings with recognized agencies in the field of sustainability. In this way, we aim to strengthen our positioning as a responsible and sustainable company and also appeal to financial investors whose investment decisions are wholly or partly based on sustainability criteria.

In 2020, we maintained or improved our scores within the energy industry on most major environmental, social and governance (ESG) sustainability ratings.

EnBW ESG ratings

CDP | A (Leadership)

In the CDP climate rating, we improved from a score of B (scale A to D) to an A score in 2020, achieving Leadership Status and a place in the top 7 % of the Electric Utilities sector worldwide.

Further information

CDP Questionnaire 2020

ISS ESG | B- (Prime)

In the ISS ESG Rating, we retained our score of B- (scale A+ to D-) and Prime Status in 2020, placing us in the top 10 % worldwide of the Utilities/Multi Utilities industry.

Further information

MSCI | A (Average)

In the MSCI ESG rating, we were downgraded from the previous score of AA (Leader) to an A (Average) at the beginning of 2021, which places us in the top 47% of the Utilities sector worldwide.

Further information

Sustainalytics | 32.3 (High Risk)

In the Sustainalytics ESG Risk Rating, we obtained a slight improvement from the previous score of 32.8 to 32.3 (scale 0 to 100) at the beginning of 2021. The "High Risk" rating remained unchanged, which places us in the top 24 % of the "Electric Utilities" sector worldwide.¹

Further information

¹ Sustainalytics modified the rating methodology in 2020. Until 2019, we were scored on the basis of the Sustainalytics ESG Rating, in which we achieved a score of 77 (scale 0-100), Outperformer status and a position among the top 14% of the Utilities industry worldwide in 2019. In 2020, the Sustainalytics ESG Rating was replaced by the ESG Risk Rating, in which we obtained a score of 32.3 (scale 0-100), a High Risk assessment, and a relative position in the top 24% of the Electric Utilities industry worldwide.

EnBW rating history

CDP	ISS ESG	MSCI	Sustainalytics²
		MSCI AA (2020)	Sustainalytics² 32.8 (2020)²
CDP B (2019)	ISS ESG B- (2019)	MSCI AA (2019)	Sustainalytics² 77 (2019)
CDP B (2018)	ISS ESG B- (2018)	MSCI AA (2018)	Sustainalytics² 73 (2018)
CDP A- (2017)	ISS ESG B- (2017)	MSCI AA (2017)	Sustainalytics² 68 (2017)

² Scores until 2019 based on the Sustainalytics ESG Rating methodology, which was replaced by the Sustainalytics Risk Rating in 2020.

Sustainability management

Here you can find full information on our sustainability management.

Sustainability reporting

Here you can find full information on our sustainability reporting.

Sustainability guidelines

Here you can find an overview of our sustainability guidelines.