We finance the interim and final storage of the nuclear waste.

KENFO was founded to ensure the financing of the interim and final storage of radioactive waste arising from the commercial use of nuclear energy to generate electricity in Germany. The foundation reimburses the German federal government for the costs that have already been incurred and will be incurred in future for the safe disposal of radioactive waste.

We invest performance oriented and in a sustainable way.

KENFO invests considering risks and returns, globally diversified in almost all established liquid and illiquid asset classes. The ESG sustainability criteria, i.e. social, ecological, and responsible corporate governance, are taken into account.

We work within an efficient structure corporate 

The foundation works efficiently due to a lean corporate structure and the outsourcing of tasks. KENFO has awarded mandates to external asset management companies using their resources and expertise. The KENFO team controls the allocation of the individual sub-segments via strategic and tactical decisions, manager selection and monitoring, and carries the risk management out. 

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.