Important security note: Warning of attempted fraud in the name of DWS
We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, WhatsApp groups and Mobile Apps. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.
10 Themes - #1: European infrastructure as an important foundation of sovereignty
22/09/2025
Energy, digitalization and the transport sector are the focus.
Europe is undergoing a major economic and political realignment. In response to numerous international pressures, the European Union (EU) and its members have begun to look inwards and address strategic weaknesses. Infrastructure, the green transition and defense are at the heart of big new investment programs. Policymakers are focusing on growth, strategic autonomy and competitiveness. This drive for economic renewal could make infrastructure a more attractive asset class.
An increasingly fragmented world has made it more important for Europe to be self-sufficient. Clean energy and digital technologies have long relied on global supply chains. But there is now growing recognition of the need to establish these capabilities in Europe. To achieve energy and technological sovereignty Europe needs its own data centers and networks. Infrastructure investment is also crucial for the development of artificial intelligence (AI), and to ensure that Europe maintains its prominent role in clean energy technology.
The approach taken is strategically driven and sustainability oriented. The long-term, consensus-oriented planning supports providing investors with a stable framework. Of course, challenges remain, such as the global competition for capital. But the EU’s clear goals help to provide infrastructure investors with more clarity and confidence. In our view, Europe currently may offer a more stable environment for long-term infrastructure investment, given recent policy trends and infrastructure commitments. The U.S., by contrast, continues to emphasize short-term growth strategies. Investors should consider differences in market structure, regulatory frameworks, and risk profiles when evaluating opportunities.
Number of closed infrastructure transactions, by region
Sources: Infralogic, DWS Investment GmbH as of August 8, 2025
This information is subject to change at any time, based upon economic, market and other considerations and should not be construed as a recommendation. Past performance is not indicative of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Alternative investments may be speculative and involve significant risks including illiquidity, heightened potential for loss and lack of transparency. Alternatives are not suitable for all clients.
Aside from energy and digitalization, other areas are also coming into focus. In our view, the transport sector, for example, offers potentially attractive investment opportunities thanks to the diversity of its assets. Decarbonizing transport infrastructure, for example, by promoting electromobility or alternative fuels, is crucial to meeting climate targets. Water and resource management is also becoming increasingly important, especially for urban resilience.
A long-term perspective is required in European infrastructure development. Many emerging sectors in the climate-neutral, digitalized economy lack the classic characteristics of traditional infrastructure, such as stable cash flows and high barriers to entry that restrict competition. It is therefore even more important to assess the long-term viability and attractiveness of the business model. Europe often provides reliable guidance in this regard, setting it apart from other regions.
Politics remains a risk factor. Though abrupt changes of policy are unlikely, there could be delays in implementation. There is broad cross-party consensus on the strategic importance of infrastructure in Europe but competing priorities can slow progress. It is encouraging that issues such as energy security and digital sovereignty are firmly on the EU Commission's agenda. 2025 has already seen significant political progress, as evidenced by the German infrastructure package[1]
CIO Special_Theme 1 - European Infrastructure
Miscellaneous