We finance the interim and final disposal of nuclear waste

KENFO has a unique, societally meaningful mission. It was founded to ensure the long-term financing of the interim and final storage of radioactive waste arising from the commercial use of nuclear energy to generate electricity in Germany. KENFO is the largest foundation under public law in Germany. It reimburses the German federal government for the costs that have already been incurred and will be incurred in the future for the disposal of radioactive waste.

We invest performance-oriented and in a sustainable manner

We aim to generate a sustainable, adequate, risk-adjusted return according to professional standards of institutional investment in order to ensure the fulfilment of this important task in the long term. KENFO integrates sustainability criteria into its investment strategy and invests in a large number of asset classes, globally diversified, while balancing opportunities and risks.

We focus on core competencies

The foundation uses an efficient organisational structure which supports our core competencies and teamwork needed to reach our goals. KENFO has awarded a large part of its mandates to specialised asset management companies using their resources and expertise. In the area of alternative investments, investments are made both indirectly (funds) and directly, together with other investors. KENFO's core competencies are strategic and tactical portfolio decisions, the active selection and management of asset managers and private market investments, sustainability strategy as well as risk management.

Formation and purpose

Withdrawing from nuclear energy

Financial responsibility for nuclear waste liabilities

The commission

The formation of KENFO

Financing of nuclear waste management


Taking into account sustainability criteria is an essential part of the investment strategy. The sustainability strategy aims to contribute to a stable long-term portfolio performance. This is achieved by aiming to identify companies exposed to business risk e.g. due to corporate misconduct early on. The “ESG criteria” (environmental, social, governance) are taken into account as filters for the investment universe. A combination of exclusion criteria - for example in the event of a serious violation of the core principles of the UN Global Compact (human rights, labour standards, environmental protection and corruption) - and a “best-in-class” approach regarding individual companies’ ESG scores is used to increase the portfolio quality.