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The State of Baden-Württemberg issued its first Green Bond in 2021 and has continuously expanded its Green Bond Program since then. Starting in 2024, the taxonomy-compliant portion of the portfolio was reported. Since 2026, the entire Green Bond portfolio has been fully compliant with the taxonomy requirements. This now enables the issuance of the first Green Bond in accordance with the new European gold standard for Green Bonds, the so-called EU Green Bond Standard.
The Green Bond provides transparency regarding expenditures that contribute to the environmental objectives defined by the EU Taxonomy Regulation as conditions for environmentally sustainable economic activities. The rules for project selection, as well as the resulting project list, are reviewed annually by an external agency (pre-issuance review). In addition, an impact report is subsequently published for each Green Bond issued and the measures it encompasses, following a standardized methodology.
The underlying concept (EU Green Bond Factsheet) is based on the Green Bond Principles of the International Capital Market Association (ICMA) and the EU Green Bond Standard. The Factsheet and all other documents related to the State of Baden-Württemberg’s Green Bond issuances can be found below.