Deutsche Bank FY 2025 Sustainability Disclosures: Volumes, Frameworks and the 2030 Target

Deutsche Bank has published its FY 2025 results materials, including sustainability disclosures covering Sustainable Finance volumes, the reporting perimeter and the classification frameworks.

On 29 January 2026 Deutsche Bank released preliminary and unaudited FY 2025 results and stated that its 2025 Annual Report and Form 20-F are scheduled for 12 March 2026. Alongside the financial narrative, the bank reported Sustainable Finance metrics and set out the reporting perimeter and classification basis used for its Sustainable Financing and ESG investment disclosures.

Sustainable Finance Volumes and Classification Boundary

For Q4 25 Deutsche Bank reported Sustainable Financing and ESG investment volumes ex-DWS of €31 billion, described as the second-highest quarterly level since tracking began in 2020. For FY 2025 the bank reported €98 billion, and it stated that cumulative volumes since 1 January 2020 reached €471 billion. The Q4 25 split was presented across the three business lines that originate or distribute these activities, with €7 billion attributed to the Corporate Bank, €20 billion to the Investment Bank, and €4 billion to the Private Bank through growth in ESG assets under management and new client lending. In its Q4 2025 sustainability highlights, the Investor Relations presentation also visualises cumulative volumes since 2020 by segment and product type, showing €291 billion for the Investment Bank, €91 billion for the Corporate Bank, €80 billion for the Private Bank and €9 billion for Corporate & Other, alongside quarter-on-quarter changes of +€20 billion, +€7 billion, +€4 billion and €0 respectively.

The results release also sets out the boundary conditions that sit behind these figures. Under “ESG Classification”, Deutsche Bank references the “Sustainable Financing Framework” and “Deutsche Bank ESG Investments Framework” as the basis for defining sustainable financing and ESG investment activities. It notes that where validation cannot be completed by quarter-end, volumes are reflected after validation is finalised in subsequent quarters. The bank also states that ESG assets under management within DWS are excluded from the cumulative volumes and targets and are reported separately by DWS.

Transition Finance Framework and the 2030 Target

On 17 November 2025 Deutsche Bank announced a new cumulative €900 billion sustainable and transition finance target for 2020 to the end of 2030, covering sustainable finance, ESG investments and transition finance on an ex-DWS basis. In the same release, the bank stated that €440 billion had already been achieved in sustainable finance and ESG investments from January 2020 through the end of Q3 2025. Deutsche Bank also published its initial Transition Finance Framework, effective 1 January 2026, described as defining clear rules for financing net-zero transitions in hard-to-abate sectors, and stated that it received a positive second party opinion by ISS-Corporate.

People, Operations and Stakeholder Engagement

Deutsche Bank reported that its score in CDP improved to A or Leadership level, and it described this as the first time the bank is on CDP’s A list. In the same set of Q4 2025 sustainability highlights, the bank referenced the “Global Hausbank in Motion” initiative and stated that it donated €550k to 28 educational charities. The presentation also summarised stakeholder activity linked to nature-related markets, including a Letter of Intent at COP30 in which Honduras and Suriname signed with Deutsche Bank, Bayer, Siemens and Symrise to mobilise financial support for rainforest protection, with the stated strategic goal of developing rainforest-based Internationally Transferred Mitigation Outcomes under Article 6.2 of the Paris Agreement, and a separate Letter of Intent with Great Yellow and Swallowtail Consulting to develop UK biodiversity credits.

Nature Ambition and Illustrative Transactions

Deutsche Bank introduced a nature ambition to facilitate 300 nature-related transactions by the end of 2027, positioned as contributing to biodiversity and ecosystem conservation and restoration and aligned with SDG 6, SDG 14 and SDG 15, with reference to the “Kunming-Montreal Global Biodiversity Framework”. In its FY 2025 results materials, Deutsche Bank cited Q4 2025 examples linked to Sustainable Finance, including China Water Affairs Group Ltd USD 150 million 5-year Blue Bond, where it stated that an amount equal to net proceeds will be allocated under its Green and Blue Framework to finance or refinance eligible projects such as Clean Water or Sanitation. It also referenced AUD 3 billion in Certified Green Loans for Intellihub Group to support a large-scale roll-out of smart meters and energy devices across Australia and New Zealand, and a senior credit facility for German FlixTrain to finance 30 high-speed energy-efficient electric train sets, linked to Flix’s stated target of reducing emission intensity by around 41% in gCO2e per passenger kilometre up to 2032.

Reporting Continuity Across Disclosures

Across the disclosures presented with its FY 2025 results, Deutsche Bank frames sustainability reporting through named frameworks, an explicit ex-DWS perimeter for cumulative volumes and targets, and a validation-dependent approach to volume recognition. The Transition Finance Framework, effective 1 January 2026, further specifies how transition finance is classified and how sustainability-linked solutions are treated within the bank’s €900 billion target through to end-2030.