KENFO is a foundation under public law, which was established to ensure the funding of the interim and final storage of radioactive waste resulting from the commercial use of nuclear energy for the generation of electricity in Germany.

A brief overview

Assets Under Management

KENFO manages around EUR 24 billion, which were transferred to it by the operators of nuclear power plants in Germany on 3 July 2017.

Financing of nuclear waste disposal

KENFO reimburses the federal government for the interim and final storage of radioactive waste produced by nuclear power plants in Germany.

Sustainability

KENFO integrates ESG (environment, social, governance) criteria into its investment strategy.

Governance

The Governance of KENFO consists of the Board of Managing Directors and the Board of Trustees. The Board of Trustees is made up of members of the Bundestag (Germany’s federal parliament) and representatives of the federal government and is advised by an investment council.

OUR MISSION

The purpose of KENFO is to provide funding for the costs for safe disposal of radioactive waste from the commercial use of nuclear energy to generate electricity in Germany. KENFO reimburses the federal government for the costs that have been incurred from the time when the disposal obligation was transferred under the Act on the Transfer of Nuclear Waste Liabilities ("Entsorgungsübertragungsgesetz") for the safe disposal of radioactive waste that has already been created and that will be created in future. KENFO invests the funds transferred to it for this purpose.

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INVESTMENT

For the investment horizon, which extends to the end of the century, KENFO manages a portfolio that is broadly diversified across asset classes and entry times. Investments are made internationally into asset classes such as equities, corporate, and government bonds, as well as illiquid assets. The funds are to be invested in a way that provides the highest probability of being able to finance the federal government’s future payment obligations for waste disposal costs.

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SUSTAINABILITY

KENFO integrates ESG sustainability criteria (environment, social, and governance) into the investment approach in a profit-oriented manner. For instance, our sustainability approach combines the exclusion of industries such as nuclear power with the selection of companies in different industries that score the highest regarding their sustainability ratings. This sustainability strategy is intended to achieve a stable long-term performance and an increased portfolio quality.

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PUBLICATIONS

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