Our sustainability strategy

We stand for strict, clear criteria in the classification of our certificates. Whether a certificate is sustainable or not according to this set of rules is determined by means of an exclusion procedure. The essential factors are: 

 Product type - Is the certificate an investment product? (in terms of the classification of Zertifikate Forum Austria)

 Underlying - Is the index or share(s) sustainable?


This means that only investment products with a sustainable underlying are considered environmentally and socially compatible in the sense of ESG (Environment, Social, Governance). For underlyings based on an index, for example, we work with the renowned index calculator MSCI. For the selection of individual stocks, we rely on ESG analyses by Raiffeisen Research. Exclusion criteria are used to exclude companies or countries from the investment universe because they manufacture certain products that do not meet certain social, ecological or political criteria or violate international norms and standards. In addition, the Sustainability Code of the Zertifikate Forum Austria is applied.


Our sustainability standards

Sustainable underlying - sustainable issuer - sustainable certificate: this is the chain on which the sustainability standard for Raiffeisen certificates and our sustainable activities are based.

Our sustainability strategy also ensures that no ecological or social goal or principle leads to another being violated or even completely disregarded (the so-called "do not significantly harm" principle).


Criteria for product exclusion

Leverage products are generally categorised as non-sustainable because they typically have a short term and do not serve any medium or long-term investment objectives. Investment products that specifically profit from falling prices (reverse or short certificates) are also considered unsustainable. Please see product classification of the Zertifikate Forum Austria.


Criteria for the exclusion of the underlying

We explicitly exclude certain underlying assets from sustainable investment products. We have also set strict turnover limits for certain economic activities. No investment products are issued on companies as underlyings that violate the UN Global Compact. Child labour, disregard for human rights or significant damage to the environment are examples of such serious violations.


Companies that…

... violate human rights and especially the above-mentioned UN Global Compact principles.

... derive more than 25% of their revenue from coal mining.


... generate more than 10% of their revenue from armaments.

... generate more than 5% of their revenue from tobacco.

... engage in trading essential food commodities (soft commodities) on financial markets. 

... derive more than 10% of their revenue from nuclear power.

Additionally, we exclude states as underlying assets that are classified as ‘not free’ by Freedom House due to the current human rights situation.

The exclusion criteria were developed based on the taxonomy and disclosure regulation of the European Union in coordination with the corporate governance for Raiffeisen certificates, as well as in line with the recommendations of the Austrian Federal Economic Chamber (WKO) and considering the RBI business policies.

Sustainable indices

Investment products with sustainable indices as underlyings fully take into account the exclusion criteria according to the sustainability standard for Raiffeisen certificates, including Principal Adverse Impacts (PAIs). For further information, please refer to the information brochure (PDF) or to Criteria, Principles, Ratings.

The following sustainability indices are used for sustainable Raiffeisen certificates:

Major adverse impacts on sustainability (PAI)

In the case of sustainable Raiffeisen certificates, significant adverse impacts on sustainability - known as PAIs for short - are taken into account on two levels:

  • At the level of the issuer, i.e. Raiffeisen Bank International, derived from the sustainability report.
  • At the level of the underlying asset, through compliance with the sustainability strategy and consideration of the sustainability standard.

These PAIs are taken into account at issuer level (derived from Raiffeisen Bank International's sustainability report) and at the level of the underlying asset (in accordance with the sustainability standard for Raiffeisen certificates and compliance with a dedicated ESG strategy).

Greenhouse gas emissionsWater conservation and consumption

Species diversity (biodiversity)Social, labour and human rights issues, including corruption and bribery
Waste avoidance  

Why we as an issuer focus on sustainability

As a pioneer in the field of structured products, Raiffeisen recognised the trend towards sustainable financial products early on and played a significant role in shaping it. As early as 2005, Raiffeisen issued index certificates with a sustainability reference and in 2014 launched a special certificate series to make the topic of sustainability investable for investors simply and with capital protection. The demand for sustainable Raiffeisen certificates has been growing rapidly ever since. The outstanding volume invested in certificates has more than quadrupled since 2018.

UN Principles for Responsible Banking

Raiffeisen Bank International Group (RBI) has signed the UN Principles for Responsible Banking as of 2021. This is a global agreement developed between banks and the United Nations Environment Programme Finance Initiative (UNEP FI). The Principles for Responsible Banking define the role and responsibility of the banking sector and bring it into line with the UN Sustainable Development Goals and the Paris Climate Agreement of 2015. Raiffeisen Certificates are also committed to this framework.


Austrian Ecolabel for Raiffeisen certificates

In April 2022, Raiffeisen (formerly Raiffeisen Centrobank AG) was awarded the Austrian Ecolabel by Federal Minister Eleonore Gewessler. As an independent seal of quality with a high level of credibility and very high recognition value, the Austrian Ecolabel certifies ethically oriented projects and companies in the financial sector that generate profits through sustainable investments. To the press release in german language →


Sustainability Standard for Raiffeisen Certificates as PDF:

You can find the summary of our Sustainability Standard in our information brochure.

Sustainability Code of the
Certificate Forum Austria (ZFA):

At the Austrian sector level, the four issuers represented in the ZFA have also agreed on uniform product and transparency standards in accordance with the criteria for sustainable investment with certificates. Further information at www.zertifikateforum.at.




Sustainable Raiffeisen Certificates take into account the main adverse effects on sustainability factors (PAI) according to Art. 2 No. 7 lit. c) MiFID II-DVO, (EU) 2021/1253. However, these are not financial products within the meaning of Regulation (EU) 2019/2088. This is advertising which does not constitute investment advice, an offer, a recommendation or an invitation to make an offer. Comprehensive information on the financial instrument and its opportunities and risks - see approved (base) prospectus (including any supplements), published at raiffeisenzertifikate.at/securitiesprospectuses. Additional information also in the basic information sheet and under "Customer information and regulatory matters" raiffeisenzertifikate.at/customer-information. The approval of the prospectus is not to be understood as an endorsement of this financial instrument by the authority (FMA). You are about to acquire a product that is not simple and may be difficult to understand. We recommend that you read the prospectus before making an investment decision. When purchasing the financial instrument, the investor bears the credit risk of Raiffeisen Bank International AG (RBI). The certificate is subject to special regulations which may already have an adverse effect in the event of a probable default of RBI (e.g. suspension of interest payments) - see raiffeisenzertifikate.at/bail-in.