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Together we finance social and ecological future-proof projects and investments.

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We buy organic veggies and green energy. In the meanwhile, the money in our savings account might be financing a new coal power plant. Sad, but true.

Luckily, money can be part of the solution. That’s where we come in. Together with you we make banking sustainable.

Inas, Co-Founder of Tomorrow

How can banking be sustainable?

Just our efforts to buy green energy, recycle our waste and be climate neutral don’t make us a sustainable bank. We’re sustainable because we are working on a future in which money always has a positive effect. Because, ultimately, money is just the means to an end. In sustainable banking that end always needs to be good.

If we invest enough money sustainably, there is less money left over for conventional banks to channel into destructive industries.

How does Tomorrow use my money?

We use our customer deposits exclusively to finance sustainable investments. You’re probably wondering what customer deposits are, right? That’s the total amount of money our Tomorrow customers have in their accounts. We like to call it the “Tomorrow capital”.

Our promise to you: not a single penny goes into destructive sectors like weapons, coal power or factory farming – as is often the case with conventional banks. Such a “divestment” already does a lot, but it’s only the beginning. Part of the Tomorrow capital is used to support future-proof projects.

How do you select investments?

Sustainable businesses need financing. Think about the home owner who wants to make his flat energy efficient. The company that needs funds to support trainee programs. Or a wind farm trying to expand its capacity. We don’t base our decision on which projects are sustainable enough on our gut feelings. It comes together after a clear process.

Step 1 – Before anything else we check whether the project or investment is included on our “No Go” list. We decided to exclude some industries and business areas from the start because they are by definition damaging to us humans and our planet. For example, weapons, factory farming or fossil fuel. We also exclude investments in areas that inhibit fairness, such as tax evasion, corruption and human rights offences.

Step 2 – Next we evaluate whether the project makes a contribution to the “Sustainable Development Goals” of the United Nations. We summarized these 17 goals into five main categories: protecting natural resources, ensuring basic needs, protecting the climate, empowering disadvantaged groups, and promoting fairness. Only projects that contribute to at least one of these five challenges are potential candidates for funding.

Step 3 – The final evaluation is done by our external Impact Council consisting of Markus Beckmann, Susanna Krüger, Kristina Lunz and Andreas Neukirch. Only if they agree with our evaluation that the investment meets our standard is it added to our investment portfolio.

Step 4 – As the final step, we check the financial prospects of the project. The risk management department of our partner Solarisbank supports us in this step.

We don’t base sustainability on gut feeling. Instead, we have a strict list of criteria for managing where your money goes – and where absolutely not.

55,100,000 euro invested in sustainable projects

0 euro invested in destructive industries

Learn more about our sustainability criteria (German only)

Together we finance positive change.

Learn more about our impact projects.

Green Bonds

Expansion renewable energies and the preservation of clean waters

44,100,000 Euro

invested in Green Bonds

Sustainable Development Goals

as a basis

What do we really need to survive? Air, water and warmth. By funding renewable energies and protecting our waters we protect the base of life. One of the core tasks of sustainable banking is, in our opinion, the financing of future-proof projects. That’s why we invest in Green Bonds. Approximately, €15,000,000 went into three different green bonds issued by NRW Bank and €10,900,000 have been invested in eight Environmental Bonds by Nordic Investment Bank. Additionally, we have invested €5,000,000 in the federal green bond of Germany, €5,900,000 in three green bonds of KommuneKredit and €1,000,000 in the infrastructure bond of Hochbahn AG. Additionally we invested €1,800,000 in a green bond of Nederlandse Waterschapsbank, €2,000,000 in a green bond of Municipality Finance and €2,500,000 in two green bonds of Instituto de Crédito Oficial.

What are green bonds exactly?

Banks need capital to be able to give loans. They borrow that money from private investors (like you) or institutional investors (like Tomorrow or our partner Solarisbank) by selling bonds at the stock exchange. That’s called refinancing a loan. After an agreed period they need to pay back the capital plus interest to the creditor (in this case Tomorrow/Solarisbank). At Tomorrow we use your money exclusively to buy bonds which strictly finance sustainable projects. Green bonds focus on refinancing environmentally friendly initiatives. We invest part of our Tomorrow capital in green bonds issued by Förderbank NRW, Nordic Investment Bank, the state of Germany, KommuneKredit and Hochbahn AG.

About Förderbank NRW’s Green Bonds

The green bonds are finance products issued by Förderbank NRW to exclusively refinance environmentally friendly projects that explicitly address the United Nations’ 17 Sustainable Development Goals (SDGs). In 2019 we invested €10 million and another €5 million in the year 2021. The bonds, which each amount to €500 million, have meanwhile been issued for the ninth time and have financed numerous green initiatives in Germany’s region of North Rhine-Westphalia in recent years. Their main goal is to expand renewable energy, increasing energy efficiency and safeguard nature conservation and environmental protection. In the past, for instance, proceeds from the bond have been used to restore the River Emscher, which has brought huge ecological advantages for the region.

Förderbank NRW’s green bonds portfolio is divided into four different areas. In 2019 we invested in a bond where the majority (roughly two thirds) of the total of €500 million is being used for the development of renewable energies (SDG 7 & 13) in North Rhine-Westphalia. Here, the main focus is on constructing wind power plants, but photovoltaic systems are also part of the portfolio. Another focus area of the green bonds is the modernisation of public facilities (SDG 3, 11 & 13), for instance by establishing heat recovery systems in hospitals to make them more energy-efficient. The green bonds also finance loans to private homeowners who want to optimise the energy efficiency of their houses. They are also used to finance renaturation projects to improve waters and biodiversity in the region.

The fourth core area is the support of clean transport projects, such as electric buses or e-charging stations (SGD 13 & 11).

And in 2021 we invested in a green bond, in which half of the total of €500 million went towards the renaturation of the River Emscher (SDG 14 & 15). Most of the second half is being used to finance wind farms, photovoltaic installations and grid extensions.

About Nordic Investment Bank’s Environmental Bonds

The Environmental Bonds are green bonds issued by the Nordic Investment Bank (NIB), with the aim of expanding renewable energies and promoting energy efficiency in buildings. These investments will help to create new energy plants but also to reinforce existing infrastructure. The investments mainly focus on Sweden, Norway and Finland. An exciting pilot project one of the bonds fund are electric ferries which are already in use in Norway.

All supported projects explicitly address the United Nations’ Sustainable Development Goals (SDGs). NIB’s Environmental Bond is divided into six areas. The largest of these – accounting for 27 percent of the total bond – is invested in expanding renewable energies, especially wind, solar, tidal and wave power plants (SDG 7). In addition, part of the funds is also invested, for example, in developing, designing and producing new technologies for renewable energies (SDG 13).

25 percent of funds are invested in measures to improve the energy efficiency of buildings. This is done by renovating existing buildings, including making improvements to heating systems, insulation, lighting or electrical devices. Another 25 percent is invested in water conservation and protection, which includes wastewater treatment and flood protection (SDG 6). Above that, different projects focus on the expansion of nature reserves and the preservation of biodiversity to protect and restore freshwater and marine ecosystems (SDG 13; SDG 14). Clean transport solutions (SDG 11) are another area supported by the bonds, accounting for 12 percent of invested funds. The efforts mainly focus on the further development of electricity and sustainable biofuels including the necessary infrastructure (e.g. rails, charging stations, fuel distribution systems, bicycle and pedestrian infrastructure).

About the federal green bond of Germany

This green bond is issued by the state of Germany to finance the German policies for sustainable development. Core of the strategy is the realization of the United Nations’ Sustainable Development Goals (SDGs) and the 1.5°C goal of the Paris Agreement. To achieve these goals the state of Germany issued federal green bonds for the first time in 2020. Tomorrow has invested 5 million euros in these bonds. With your money we finance the transition to a German and worldwide economy that emits less carbon, is more sustainable and uses fewer resources.

58 percent of investments goes into renewable energies and mobility, for example by improving necessary infrastructure, building biking paths and financing public transport and electric mobility. In addition, three percent is invested in ecological farming and forestry and ten percent in thermal insulation and energy efficient heating and building (SDG11). five percent funds research and education (SDG4).

Additionally, the funds from the federal green bond are used for international collaborations in climate projects, nature preservation and environmental protection. To us at Tomorrow the aspect of climate justice is very important. Generally speaking, those who suffer the most from the climate crisis are the least responsible for it. The funds from the federal green bond partly support the GIZ (German Corporation for International Cooperation), which is active in over 120 countries to sustainably improve the quality of life of the local population.

About KommuneKredit’s green bonds

KommuneKredit is a federal credit institution in Denmark. They issued their first green bond in 2017 to raise funding for the sustainable transition of Danish communities. Loans are given to Danish municipalities and cities, which can then use the money specifically for sustainable and social projects. The “green committee” of KommuneKredit has been lending more than 3 million euros for 410 projects. All projects explicitly need to address the Sustainable Development Goals of the United Nations (SDGs).

52 percent of investments support local climate protection measures as well as the transformation to energy and heat supply that is resource-saving and efficient, e.g. by modernizing outdated waterworks. An additional seven percent of funds is used to improve public transport, both on and off land. Denmark has more than 7,300km of coast and more than 80 inhabited islands. Therefore, a big emphasis is put on coastal protection. Ferries are converted to hybrid to reduce carbon emissions on waterways and protect Danish coastlines and its flora and fauna. Next to that, communities can receive funding for social infrastructure projects, for example energy-efficient construction and renovations of schools, community buildings, sport facilities and elderly housing. Tomorrow has invested a total of €5,900,000 in three green bonds of KommuneKredit.

About Hochbahn AG’s infrastructure bond

The infrastructure bond of Hochbahn AG aims to support the transition to environmentally friendly transport in Hamburg. All funded projects are selected based on whether they contribute to the Sustainable Development Goals of the United Nations (SDGs). At Tomorrow, we have invested more than 1 million euros in the first infrastructure bond of this kind in our hometown. The bond provides 500 million euros for transport projects in Hamburg, e.g. to buy 50 new trains and 160 electric buses and to maintain Hamburg's subway lines.

The metropolitan region of this Northern German city counts 5.3 million inhabitants, of which more than 1 million commute daily. As 65% of these people go by car, they cause the majority of carbon emissions of all traffic in the city. In its climate strategy Hamburg has set the goal to become a climate neutral city. For this purpose the traffic sector needs to save 1.4 million tonnes CO2. The projects receiving funding from the infrastructure bond are part of the city's efforts to make public transport more attractive than taking the car. Hochbahn itself wants to be climate neutral by 2030.

The transition to environmentally friendly transport in cities does not only reduce carbon emissions, but as well other pollution and noise. Additionally, obsolete parking spaces can be transformed into sidewalks, biking paths, parks and playgrounds. All this improves the quality of life in urban areas.

Green Bond Municipality Finance Plc

MuniFin (Municipality Finance Plc) is one of the largest state banks in Finland. It grants loans exclusively to local authorities, municipal companies and not-for-profit housing associations based on criteria relating to environmental compatibility and social responsibility. Since 2016, MuniFin has offered ‘green finance’ in order to reduce Finnish CO2 emissions and finance the transition to a climate-resilient economy. Before extending loans, MuniFin analyses every project to determine its long-term positive impact on the environment and climate. To give companies and local authorities an added incentive to engage in climate-friendly practices, the bank awards attractive loan conditions to progressive projects. Outdated industries such as coal-based electricity generation are ruled out from the outset.

MuniFin has already issued five green bonds to date. In October 2021, we invested €2,000,000 in one of them, the total value of which is €500 million. Since 2016, the green bonds have provided capital to numerous sustainable projects in the form of loans. 41.4% was used to expand public transport (SDG 11) and 47.8% to build resource-friendly homes, hospitals, healthcare centres, schools and inclusive day care facilities (SDGs 11, 3 and 4). The loans also enabled the local authorities in Finland to expand renewable energies, to improve the energy efficiency of existing building structures and to finance water and wastewater management (1.8% – SDG 6).

Waterbond Nederlandse Waterschapsbank N.V.

The green bond issued by Nederlandse Waterschapsbank N.V. is also known as the Waterbond, as it is primarily used for financing flood protection, waterway management, water treatment, wastewater treatment and renaturing wetlands in the Netherlands. In October 2021, we invested €100,000 in the Waterbond, which was issued in 2015. The total volume of this special bond is €1 billion. The money is made available exclusively to the Dutch water authorities, primarily for financing climate change adaptation. Two thirds of the Netherlands are exposed to a high risk of flooding as a result of climate change. This is not only due to rising sea levels but also to problems caused by overflowing rivers that can no longer run off into the sea. At the same time, we can expect more frequent and very intensive rainfall in future. This is why the Waterbond is focusing on flood protection in particular. 28% of funds are used for this: for dykes, redesigning river courses and dredging silted-up river and harbour basins (SDG 11), for example. 21% is used for wastewater treatment and safeguarding clean drinking water (SDG 6). A further 20% goes to water transport, pumps and retention basins. As well as climate change adaption, the funds finance projects for reducing CO2 emissions and improving biodiversity, mainly through renaturing moors and wetlands (SDG 13,14 and 15).

Instituto Credito Official (ICO)

Since the 1960s, Spanish state bank ICO has focused on providing financial support to small and medium-sized companies with a view to encouraging innovation and business in the long term. To date, ICO has already issued seven social bonds and, since 2019, three green bonds for promoting socio-ecological transformation.

The green bonds, each of which has a volume of €500 million, are used first and foremost to fund renewable energies at national and international level (SDGs 7 and 13). However, they are also used to invest in low-emission public transport (SDGs 11 and 13), to finance the transition to sustainable agriculture and to improve local waste management, water management and wastewater management (SDGs 14 and 15). In October 2021, we invested a total of €2.5 million in two green bonds issued by ICO. In this way, we are using your money to help restructure the economy in a sustainable way and to promote climate resilience.

For instance, the bond funds helped finance Spain’s largest photovoltaic system. This project not only created 1,200 new jobs in the structurally weak region of Extremadura but also eliminated over 215,000 tonnes of CO 2 a year, while supplying 250,000 people with green electricity (SDGs 7, 8 and 13).

Social Bond

Providing social and sustainable housing and ensuring quality of life and inclusion

11,000,000 Euro

invested in Social Bonds

Social Housing

with solar power

Opportunities

for education and work

Every human being deserves an affordable home. To make this vision come true we invest a part of your money in social bonds. €6,000,000 went into the SDG Housing Bond issued by Nederlandse Waterschapsbank N.V and €5,000,000 into a Social Bond issues by Förderbank NRW.

Banks need capital to be able to give loans. They borrow that money from private investors (like you) or institutional investors (like Tomorrow or our partner Solarisbank) by selling bonds at the stock exchange. That’s called refinancing a loan. After an agreed period they need to pay back the capital plus interest to the creditor (in this case Tomorrow/Solarisbank). At Tomorrow we use your money exclusively to buy bonds which strictly finance sustainable projects. Social bonds focus on refinancing social initiatives.

About Nederlandse Waterschapsbank N.V.’s “Housing Bond”

The SDG Housing Bond is a social bond issued by Nederlandse Waterschapsbank N.V. that focuses on creating social housing in the Netherlands. The apartments and rents are adapted to income levels and are capped with a maximum rent of €710.68 per month (up to this amount renters can get subsidies from the government). 80 percent of new housing is reserved exclusively for households and families with a maximum income of €36,798 per year (2018). 10 percent is reserved for people with special needs (e.g. health-related conditions).

Furthermore, the investments also go into other areas such as sustainable communities, diversity, integration, energy efficiency, quality of life and resident satisfaction. All projects explicitly address the United Nations Sustainable Development Goals (SDGs). More than 50 percent of funds is used to modernise existing houses, particularly to improve energy efficiency. This includes equipping houses with solar panels and replacing old heating systems with more efficient ones. In addition, windows, roofs and walls were insulated more effectively (SDG 7; SDG 11). 56 percent of the apartments are social housing and 11 percent of the apartments are available for single parents, predominantly women (SDG 1; SDG 5; SDG 10).

A further part of the funds is invested in improving the district and providing facilities for the community. For this purpose, individual neighbourhoods are assigned a “Social Management Label” which is based both on quantitative survey findings and on qualitative insights from interviews with residents. Depending on the needs of the community suitable measures are taken accordingly.

Förderbank NRW’s Social Bond

Förderbank NRW’s Social Bond 2021 has a total volume of €1 billion and contributes to strengthening economically weak communities.

54% of the investments go towards the digitalisation and innovation of owner-managed small and medium-sized companies. In structurally weak regions in particular, businesses are key to improving life in towns and villages. Such loans help companies to remain competitive and offer solutions for long-term and youth unemployment (SDGs 8 & 10).

26% of the investments go to local communities to guarantee public resources and services. This includes, for instance, the financing of climate and flood protection, road infrastructure and making city centres vibrant and safe (SDGs 10 & 11).

As part of the “Gute Schule” (Good School) initiative, another 11% is supporting school authorities with digitalisation and modernisation. As well as the provision of digital blackboards and projectors, the funds are also invested in inclusion measures. Building alterations make it easier for children with special needs to access education and find their place in the community (SDG 4 & 10). Within this context, energy efficiency is also improved, with existing school buildings either being renovated or modified (SDG11).

9% of the investments help low- to medium-income families to build their own houses. Another focus of these social bonds is diverse cities, towns and villages that can only exist if people can find affordable housing (SDGs 1, 11 & 10).

Track your positive impact in the app – and the impact of the entire community.

Our Impact Council ensures that every single cent of the Tomorrow community drives positive change.

Elena, Impact Officer at Tomorrow

How can I be sure that my money reaches its goal as promised?

The financial institutions issuing the bonds have defined strict guidelines on how and for which purpose their funds can be used. In the case of Förderbank NRW that’s even defined by law. The bonds are supervised by external institutions.

For the selection of our climate projects (more about those here) we teamed up with the company ClimatePartner. They are committed to climate protection and offer a number of wonderful projects to offset CO₂ emissions. It was very important to us that the selected projects have a social component in addition to climate protection.

What’s the job of the Impact Council?

Tomorrow was founded with the clear intention of becoming a social business. Therefore, the purpose of Tomorrow - to make a positive impact - is specified in our partner's agreement. That’s a rather generic approach. To take it a step further, we summarized the SDGs into five main categories: protecting natural resources, ensuring basic needs, protecting the climate, empowering disadvantaged groups, and promoting fairness.

To avoid losing sight of what’s important we set up an external board of advisors: our Impact Council. Their task is to ensure that we don’t forget our mission and vision when things get hectic. Once a quarter we discuss what we do with five experts from different fields of sustainability: Which projects do we currently have? And how do these projects contribute to our mission to make the banking industry more sustainable?

Additionally, the members of the Impact Council check whether our investments are in line with our values. They help us to set and follow up on our sustainability goals and build our investment portfolio.

Current members are: Markus Beckmann, Susanna Krüger, Kristina Lunz, Andreas Neukirch