##bank, will convene here in frankfurt. as a deliverable for this year, we are working on a handbook of best practices for incorporating sustainability criteria into central banks ’ portfolio management, with a particular focus on climate - friendly investments. we plan to publish the handbook by october this year. 2 bundesbank activities as you can see : the bundesbank is an active member of the ngfs. and to confirm our strong commitment to the issue, we have also integrated green finance into our own business areas. under my leadership as the responsible board member for the bundesbank ’ s market - related operations, we manage public sector funds as well as our own funds. looking at the public sector funds, we have a long track record in sustainable investments. as a fiscal agent, bundesbank has been managing several large - scale public pension fund portfolios for federal states as well as the central government for more than ten years. 4 out of 16 portfolios are already invested according to an esg approach or invest in green bonds. in total, these portfolios have a volume in the range of substantial single - digit billions of euros. and we expect this number to grow in the near future. four more fiscal clients are currently discussing introducing esg considerations in their investment strategy, while additional two are already planning to do so. so 10 out of 16 of our fiscal clients are investing sustainable or are on their way to do so. our public sector clients mainly focus on the inclusion of esg criteria in equity investments, followed by initial approaches in fixed - income portfolios. based on a passive investment strategy, we combine various best - in - class approaches with exclusionary screening. our experience over the past few years has shown that developing a sustainable investment strategy requires thorough preparation. there is no “ one - size - fits - all ” approach to esg criteria. moreover, when talking about sustainable investing, each investor tends to define a set of esg criteria consistent with its individual values. furthermore, we advise our fiscal clients, namely the states of hesse, 2 / 4 bis central bankers'speeches baden - wuerttemberg and north rhine - westphalia, to design and create tailor - made sustainability and esg indices that we use for our benchmarking. moreover, the bundesbank is also considering investments in sustainable assets in its own funds. we enjoy more freedom of choice with regard to the selection of investments in our own funds, unlike – for instance – in the fx reserve

carried out since the mou was signed in 2015, and the list of projects in the pipeline is very long. last but not least, dr rennert ’ s profound expertise on macroeconomic and political developments in the region has helped shape opinion at the highest echelons of the bundesbank. 3 / 4 bis central bankers'speeches in view of dr rennert ’ s excellent achievements here in sao paulo, i am delighted that he will be applying his skills and expertise to a strategic position in the directorate general financial stability from january onwards. i am very pleased to present dr eike berner as the new bundesbank representative at our office here in sao paolo, starting on 1 december. i am certain that mr berner is a very suitable successor for this position. during his time at the university of kiel, he acquired a thorough understanding of international trade by pursuing academic research and lecturing on the economic analysis of trade. at the bundesbank, he joined the ranks of the international and euroarea macroeconomic analysis division of the directorate general economics. since his arrival, he has made significant contributions to our economic analyses of euro - area topics and countries. having worked in diverse macroeconomic and political fields, he has become quite the versatile economic expert. thanks to his expertise, openness and dedication, he has already paved the way to success here in sao paolo. thank you. 4 / 4 bis central bankers'speeches