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DWS Group

DWS Group is a German asset management company headquartered in Frankfurt serving clients in Europe, the Americas, and Asia. It joined the Net Zero Asset Managers Initiative on 11 December 2020 and its initial target disclosure was published on 1 November 2021.

Initial Target Disclosure: November 2021

Percentage of assets covered by the Net Zero Asset Managers Commitment Statement

35.4% of total AUM (USD $344 billion)

Information on interim target(s) covering the proportion of assets to be managed in line with net zero



Portfolio decarbonisation reference baseline

170 tCO2e / USD m (referring to Scope 1 & 2 emissions of 286 bn USD AUM only, excluding 58 bn USD in companies without financial emission intensity data.)



Portfolio decarbonisation reference target

50% reduction target in weighted average inflation-adjusted financial carbon intensity (WACI adj.)* related to Scope 1 & 2 emissions, consistent with a fair share of the 50% global reduction in CO2 identified as a requirement in the IPCC special report on global warming of 1.5°C.

GHG scopes included:

For the target: Scope 1 & 2 emissions to the extent possible and in line with NZAM requirements. We aim to disclose Scope 3 emissions and absolute apportioned emissions; furthermore, DWS aims at setting targets for Scope 3 emissions on more granular basis following SBTi methodology.


Science Based Target initiative for Financial Institutions


IPCC special report on global warming of 1.5°C, IEA Net Zero 2050

Additional information

Proportion of AUM committed:

The asset scope represents identified asset classes in scope for decarbonisation strategy in consideration of SBTi guidance. Implementation of decarbonisation measures at fund/portfolio/mandate level is subject to client/legal entity/fund board consent. The AUM in scope has been identified in consideration of SBTi guidance, currently including certain financial instruments mostly in mutual funds (equities, fixed income, liquid real assets, real estate alternatives) and some in selected managed accounts. As new methodologies and emission data become available, additional financial instruments can be included in scope. We aim to further increase asset scope of 35.4% over time subject to client/legal entity/fund board consent.

On baseline year performance, DWS plans to provide read across to the same coverage in future disclosures in case of enhancements of data availability and asset coverage. This includes details on the corresponding re-baselining procedure in case applied.

Policy on coal and other fossil fuel investments:

In 2023, DWS published a new policy governing our investments in thermal coal related activities – the DWS Coal Policy. Further information can be found here: Our investment approach towards thermal coal ( For DWS European-domiciled actively managed mutual funds reporting under Article 8 or 9 SFDR, DWS generally applies filter criteria, among other things, related to fossil fuels. Further, in context of our net zero engagement activities we aim to accelerate the energy transition process of our investee companies in line with net zero.

Further information:

Target setting: The overall financial carbon intensity (WACI) reduction target is to be complemented by tracking of absolute apportioned emissions; we aim at applying the sectoral decarbonisation approach (SDA) for high emitting sectors and complemented with portfolio coverage approach following the SBTi for Financial Institutions. Combined tracking of the above-mentioned indicators shall support the delivery of a fair share of CO2 reduction until 2030.

*De Nederlandsche Bank (DNB) has proposed to enhance the ordinary Weighted Average Carbon Intensity in order to ensure that inflation and exchange rate effects do not lead to a misleading improvement of the target indicator.