It all depends on the underlying.

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:  


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

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

This means that only investment products with asustainable 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.

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

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:

further information
Investment products
worldwideMSCI® World Top ESG Select 4.5% Decrement Certificates →
EuropeMSCI® Europe Top ESG Select 4.5% Decrement Certificates →
North AmericaMSCI® North America Top ESG Select 4.5% Decrement Certificates →
Emerging marketsMSCI® Emerging Markets Top ESG Select 5% Decrement Certificates →
worldwideMSCI® World Climate Change Top ESG Select 4.5% DecrementIndex-GuideCertificates →
GermanyDAX® 50 ESG (PR) EUR→ Index-GuideCertificates →

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.


Austrian Eco-label for Raiffeisen Certificates

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




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 Additional information also in the basic information sheet and under "Customer information and regulatory matters" 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