The German bank provides export credit financing for projects including cruise ships.
KfW IPEX-Bank will continue to provide structured financing for exports and infrastructure as well as financing for global climate change mitigation and supplies of raw materials in Europe.
The four sectors
The bank's seven sector departments are now pooled into four: energy, mobility, infrastructure and industry & commerce.
Energy encompasses the transformation of the energy industry, primarily wind power, solar energy and hydrogen, as well as water and waste management infrastructure, under global head Peter Purkl.
Mobility covers the transformation of the maritime industry and aviation as well as climate-friendly mobility and transport, and is headed by Carsten Wiebers.
Infrastructure encompasses digital infrastructure, charging infrastructure, grid-based energy infrastructure, air and sea ports as well as the construction industry, among others, and is led by Aida Welker.
Industry & commerce includes metal and mining, commodity trading, financial institutions, the automotive industry and retail, among others, under Wolfgang Behler.
Paris Agreement compatibility
'We will increasingly take sustainability aspects into account in our financing offers in terms of Paris compatibility,' KfW IPEX-Bank CEO Klaus R. Michalak said. 'It is particularly important to all the members of the management board and my designated successor, Belgin Rudack, that this goes hand in hand with the transformation our customers are going through, which we closely accompany and support in order to contribute to the long-term goal of a climate-neutral economy and society.'
By introducing greenhouse gas emissions accounting, the bank aims to achieve a net zero emissions portfolio by 2050.
€11.7b in new commitments
New commitments for project and export credit financing in the first three quarters of 2022 amounted to €11.7b.