ADVERTISMENT - we inform about sustainable certificates


As an issuer of structured products, we support the sustainability initiatives of the European Union. We always strive for sustainable growth for our customers and want to contribute to a healthy future for our planet.

We regard sustainability as:

   taking responsibility

with regard to essential ecological and social aspects

   acting entrepreneurially with foresight
for a positive long-term economic result

   creating value
for future generations


"Sustainability is of central importance for us,
also in investment."

Heike Arbter & Harald Kröger
The board team of RCB



It is our goal to design our financial products and services with sustainability in mind, so that we can accompany our customers into a future that is worth striving for. We take our social and ecological responsibility seriously and want to make a positive contribution in terms of resource conservation, climate protection and social change. This is also in line with the development of our product range: sustainable investment products that are easily and transparently accessible.


Those who invest want to generate income with it. Before making a well-founded investment decision, you need to consider a few things; the willingness to take risks and the expected return play a key role. Those who include the sustainable aspects in the strategy also have the design of a better future in their hands when making medium and long-term investments.

Modern Investment


Climate change presents us with one of the greatest challenges - which we humans can only overcome together. The various changes in behaviour in everyday life, mobility and consumption are often obvious - we can all set clear signals here and contribute to maintaining a livelihood for future generations. Also in financial terms, on the one hand to guarantee our current standard of living and on the other hand to create more value for the future of the planet, we have possibilities!

In the past, diversified investments - that is, the spread of investor risk through various types of investment, sectors, companies and issuers, etc. - were often decisive for the composition of an investment portfolio. Diversification is also of the utmost importance in a contemporary portfolio! In addition to purely economic considerations, there are also new investment concepts for future-proof investments:

  • The modern, balanced securities portfolio is made up of companies from various industries, takes into account different asset classes and products, and in any case contains a certain proportion of investments that are based on sustainable motives from an ecological, economic and social point of view.
  • Anyone who also takes sustainability into account when building up their assets takes personal responsibility and contributes to ensuring our prosperity - for us and for the quality of life of future generations.

So one thing is clear: Investors benefit from modern investments; together we can do good for the future and contribute to a better world.


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A Growing Trend


The concept of sustainability is complex and can be interpreted in countless areas, some of which are very different. Essentially, it is understood as a principle of action in order to achieve a more environmentally friendly, more resilient circulatory system. The learned and familiar procedures are subject to a structural change - especially in the economy, ecological, social and political considerations come to the fore.

Sustainable investment has developed from a niche to a sustained trend in recent years and is enjoying increasing attention. For more and more investors, the positive steering effect on ecological, social and societal aspects of corporate management is playing an important role.

In Austria, too, sustainability is becoming increasingly important when it comes to investments:

  • In the advisory business at Raiffeisen Austria, customers show increasing interest in topics such as climate protection, renewable energies and the environment. When it comes to investments, more and more emphasis is placed on ethical and ecological investments.
  • We can also clearly see from our certificates with a focus on sustainability that the demand for "green money" is constantly increasing. The outstanding volume of sustainable certificates from RCB has more than tripled since 2018.

This is why sustainability is so important: Sustainability creates healthy growth in your portfolio.


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As a pioneer in the field of structured products, Raiffeisen Centrobank recognized the trend towards "sustainable finance" early on. The RCB issued index certificates with a sustainability reference back in 2005 and launched a special series of certificates in 2014 to make sustainability easy for investors to invest with capital protection.

For Raiffeisen Bank International AG (RBI) and the Raiffeisen Group, sustainability has always been a basic principle and a measure of corporate success. For more than 130 years, Raiffeisen has combined economic success with socially responsible behaviour.


    RCB's ESG Guidelines


    As RCB, we are committed to sustainability. For us, sustainability in the investment means that both the issuer and the underlying asset of the investment product should be valued according to objective and transparent criteria in order to make it possible to understand whether a product is classified as sustainable. For this reason, we have imposed strict evaluation criteria:

    The acronym ESG (Environment, Social, Governance) has established itself as the standard for sustainable investments. This refers to ecological, social and entrepreneurial indicators when measuring the sustainability and social impact of an investment. These so-called ESG factors put environmental, social and governance considerations at the center of an investment.

    The conception of our sustainable investment products is based on these three pillars: We take into account criteria from the areas of environment, social affairs and responsible corporate management. Our RCB sustainability standard, defined in March 2021, clarifies whether a certificate is sustainable and, as part of an exclusion process, excludes those companies or base values ​​that, for example, exceed certain sales thresholds in problematic business areas. You can find more information in our PDF Information: Sustainable Investing with Certificates

    In addition, we act according to the global principles of sustainability of the United Nations.
    We give you an overview of these guidelines, which we follow in the ESG context:



    UN Global Compact Principles

    In February 2021, Raiffeisen Centrobank joined the UN Global Compact Network as an independent member. This is a global pact between companies and the UN that has now existed for over 20 years. The 10 universal principles of the UN Global Compact in the areas of labor standards, human rights, environmental protection and the fight against corruption make it clear which principles the participating organizations must take into account in their strategies, guidelines and procedures. Signatories of the UN Global Compact thus contribute to a fair design of globalization. The UN Global Compact principles can be found as social, ecological and economic aspects in the cross-sectional areas of the companies. For example, human rights aspects are just as important in supply or value chain management as security of supply, product quality, compliance and greenhouse gas emissions.

    Further information can be found on the Website of the Global Compact Network Austria →

    The UN Global Compact principles are:

    • Human rights
      Companies should support and respect the protection of international human rights within their sphere of influence and ensure that they are not complicit in human rights violations.
    • Environmental Protection
      Companies should support a precautionary approach to dealing with environmental problems, take initiatives to create a greater sense of responsibility for the environment, and promote the development and diffusion of environmentally friendly technologies.
    • Labor standards
      Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining, as well as advocating the elimination of all forms of forced labor, the abolition of child labor and the elimination of discrimination in employment.
    • Fighting corruption
      Businesses should stand up against all forms of corruption, including extortion and bribery.



      UN Principles for Responsible Banking

      The entire RBI Group has been an official signer of the UN Principles for Responsible Banking since the beginning of 2021 - a uniform framework for sustainable banking that was developed in an innovative global partnership between banks and the United Nations Environment Program Finance Initiative (UNEP FI). As part of the RBI Group, RCB is also committed to this set of rules.

      The Principles for Responsible Banking define the role and responsibility of the banking sector and align it with the UN Sustainable Development Goals and the 2015 Paris Climate Agreement. An important achievement of the principles is that they support banks in embedding the issue of sustainability in all of their business areas and in recognizing where their potential lies in order to make the greatest possible contribution to a sustainable world. They are also positioning banks to take advantage of new business opportunities with the advent of sustainable development economies.

      Further information on the Principles for Responsible Banking can be found at the press release by RBI →
      as well as at: →.

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      Ratings: Evaluation based on ESG criteria

      Raiffeisen Centrobank is a 100% subsidiary of Raiffeisen Bank International AG:

      Sustainalytics Rating of RBI Group

      Sustainalytics is a leading independent provider of environmental, social and corporate governance (ESG) research, ratings and analyses. It specializes in analyzing and evaluating the sustainability performance of companies and countries, and helps investors around the world to develop and implement responsible investment strategies.

      Sustainalytics' ESG risk scale ranges from Negligible, Low, Medium, High to Severe.

      As of October 2021, Sustainalytics assessed RBI as being at low risk of experiencing material financial impacts from ESG factors. In ranking we were in 15th place out of 414 companies in the diversified banks subindustry.


      MSCI ESG Rating of RBI Group

      The ESG rating of the American financial services provider MSCI measures a company's resilience to long-term, industry-standard, material environmental, social and governance risks (ESG). Industry leaders and laggards are identified using a rule-based methodology and a benchmark.

      The ESG ratings range from Leader / Leader (AAA, AA), Average (A, BBB, BB) to Laggard / Laggard (B, CCC).

      In November 2021 RBI received a rating of AA in the MSCI ESG Ratings assessment.

      The use by RBI of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of RBI by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

      Further information from Raiffeisen Bank International regarding ESG-Ratings at →

      Sustainability Reports
      by Raiffeisen Bank International AG

      All sustainability reports from Raiffeisen Bank International AG as well as the added value report on the ecological footprint can be found on the RBI website. These reports comply with the international Global Reporting Initiative standard and the Austrian Sustainability and Diversity Improvement Act.


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      Certificates are securities that open up interesting investment prospects. Security-oriented investors in particular value certificates, especially in the current zero interest rate environment, for their attractive potential returns while at the same time reducing risk compared to direct investments in an underlying asset. These investment products are issued by Raiffeisen Centrobank AG, Austria's market leader as an issuer of certificates. There is no management fee.

      Certificates offer ...

      Profit opportunities in many market situations:
      Thanks to the clever product design of our experts, we offer investment products with certificates with which you can keep a cool head even with moderate price corrections on the markets. With many certificates, money can still be made even if prices stagnate or even fall moderately.

      Minimize the risk of loss:
      Most of our certificates have a protection mechanism. Our most defensive products (capital protection certificates) secure the full capital invested or a part of it (determined in advance) at the end of the term. Partial protection products offer a chance for higher return and usually work with a price threshold (barrier) that defines a price corridor in which yield can be achieved.

      Risk diversification & flexibility:
      Our most popular certificates relate to broadly diversified stock indices. Since an index combines the overall development of many stocks, the market risk of individual stocks and sectors is automatically reduced for certificates on broad indices. Since our products can be traded at the current buying or selling price according to stock exchange hours, you also have full flexibility.

      What you should definitely consider before buying ...
      • Market risk: Even if we try to optimize our certificates as much as possible, unfavorable market developments can lead to a loss of the capital invested. If the barrier of a partial protection certificate is touched during the observation, the protection mechanism is ineffective and investors are exposed to the market risk. With capital protection certificates, investors are protected from this risk at the end of the term - during the term, the price of the certificate can still fall below the capital protection level, as this protection only applies at the end of the term.

      • Issuer risk / bail-in: As bearer bonds, certificates are not subject to the deposit insurance scheme. There is therefore the fundamental risk that Raiffeisen Centrobank AG is not or only partially able to meet its payment obligation under the certificate - due to insolvency (issuer risk) or any official orders ("bail-in"). In these cases, the capital invested can be completely lost.


      Our recommendation for getting started:

      Investing money with certificates is easier than many think. For beginners, we recommend our video section, in which we introduce you to the types of certificates in short, easy-to-understand explanatory videos.

      Or certificate knowledge compact for reading: download RCB brochures as PDF.
      Further information can be found in our Know-how Section.

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        RCB Sustainability Standard

        We have set ourselves strict, clear criteria for classifying our certificates. A process of elimination is used to determine whether a certificate is sustainable or not according to this set of rules. The main factors are:

         Product type - Is the certificate an investment product? (according to Austrian product classification)

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

        Only investment products with a sustainable underlying are considered environmentally and socially compatible in the sense of ESG (Environment, Social, Governance). For index base values, we examine the analysis data from Sustainalytics and MSCI ESG. For the selections of single stocks, we rely on ESG analyses by Raiffeisen Research. Exclusion criteria are used to exclude companies or states from the investment universe because they manufacture certain products, do not meet certain social, ecological or political criteria, do not correspond to the values ​​of an investor or violate international norms and standards. Accordingly, the following exclusion criteria apply according to the RCB Sustainability Standard:


        RCB's Sustainabiltiy Standard, PDF:

        The information is summarized in this information brochure.


        Product-related exclusion criteria
        • ll leverage products (factor-, turbo certificates, warrants) are not regarded ESG-kompatible
        • All short- / reverse products (on declining prices) are not regarded ESG-kompatible

        Underlying-related exclusion criteria
        ESG Individual stocks

        When selecting single stocks, Raiffeisen Centrobank uses analysis data from Raiffeisen Research to actively select single stocks according to appropriate ESG criteria and excludes those issuers that meet the ESG exclusion criteria.

        ESG Index
        An underlying index must be formed on the basis of an ESG scoring and comply with the ESG standards of Raiffeisen Centrobank.
        There must be a clear logic for minimum ESG exclusions and an active selection of stock components according to appropriate ESG criteria.
        Human rights
        The grounds for exclusion are serious violations of the above-mentioned UN Global Compact principles
        (without a positive perspective).
        More than 25% of coal sales for individual titles
        is a reason for exclusion.
        More than 10% of armaments sales are a reason for exclusion for individual titles.
        For outlawed weapons (anti-personnel mines, cluster munitions, B and C weapons) there is zero tolerance (0% of sales) for individual titles.
        Companies that generate more than 5% of sales with tobacco,
        cannot be used as a base value for sustainable products.
        Soft/agricultural commodities  
        Underlyings on trading so-called soft commodities,
        e.g. wheat, coffee or sugar are excluded in order to avoid speculation with vital raw materials.
        Nuclear power
        From sales shares over 10% in relation to nuclear power
        a company is excluded.
        State issuers
        The rating of the international non-governmental organization "Freedom House" for the promotion of liberal democracies
        Must be rated with a score over 70 "partially free". If a country is classified as "unfree", it will be excluded.

        The exclusion criteria were developed on the basis of the taxonomy and disclosure regulation of the European Union in coordination with the RCB Corporate Governance, as well as based on the recommendations of the Austrian Chamber of Commerce(WKO)and in consideration of the RBI business policies.

        Holistic consideration of sustainability criteria

        Sustainable investment products take into account ecological or social goals or principles of responsible corporate management or a combination thereof. In any case, our sustainability strategy ensures that the pursuit of none of these goals or principles leads to another being completely disregarded or even violated (so-called “do not significantly harm” principle).

        Principal adverse impacts on sustainability factors are considered, “Principal Adverse Impacts” (PAI)

        For sustainable (ESG) certificates of Raiffeisen Centrobank are principal adverse impacts on sustainability factors – called PAI in short – considered.

        RCB investment products can consider the following groups of PAIs:

        Greenhouse gas emissionsWater


        Social and employee matters

        These considerations of PAIs occur on the one hand on the level of the issuer (derived from the Sustainability Report of Raiffeisen Bank International) and on the other hand on the level of the underlying (with minimum exclusions according to RCB’s Sustainability Standard and a dedicated ESG strategy).

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        Sustainable Underlyings for RCB's Sustainability Certificates


        Overview of the sustainable indices used by RCB as underlying:
        Investment products with sustainability indices serving as underlying fully meet the exclusion criteria of the RCB sustainability standard.
        For more information kindly see the PDF information brochure.

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        Find sustainable certificates online


        To invest with sustainable investment procucts investors may subscribe new certificates or buy tradeable certificates on the market. With the "sustainability filter" in the search function of our website, you can narrow down your search for an RCB certificate to sustainable certificates.

        Overview of products in subscription

        Trade sustainable certificates now

        Our latest certificates are available to subscribe approximately four weeks prior to the issue date. You can, for example, draw this through your house bank. 

        For current certificates see RCB's subscription offer

        You can trade these sustainable certificates on the secondary market during trading hours directly via the stock exchanges in Vienna, Frankfurt and Stuttgart.

        Sustainable certificates tradeable →

        • Alternatively, you can get to know certificates in a playful way and discover the most exciting RCB certificates on the market with the award-winning certificate finder.
        • More experienced investors can also use our current expert selection of the products in focus to get a tabular overview.

        Investment Products by RCB

        Depending on your market expectations and your security needs, we have various product types for you to choose from.
        We give you a rough overview:


        You can find out more about the individual product categories at: Explanatory videos on product types or Brochures on Product types

        As you can see, the range of investments in sustainable certificates is broad and also very interesting for defensive investors.
        We wish you every success with your product selection and are available to answer your questions!

        Your Certificates Team at Raiffeisen Centrobank, +43 151520484 or produkte(at)

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        Sustainable investment products of RCB consider principal adverse impacts on sustainability factors (PAI) according to Art. Nr. 7 lit. c) MiFID II Delegated Regulation (EU) 2021/1253. These certificates are not financial products within the meaning of Regulation (EU) 2019/2088. This is advertising that does not represent investment advice, an offer, a recommendation or an invitation to submit an offer. Comprehensive information about the financial instrument and its opportunities and risks - see the approved (base) prospectus (including any supplements), published at Additional information is also available in the basic information sheet and under “Customer information and regulatory 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 purchase a product that is not easy and can be difficult to understand. We recommend reading the prospectus before making an investment decision. When purchasing the financial instrument, the investor bears the credit risk of Raiffeisen Centrobank AG (RCB). The certificate is subject to special regulations that can have a negative impact even in the event of a probable failure of the RCB (e.g. suspension of interest payments) - see