Green Bond BW

The State of Baden-Württemberg issued its first Green Bond as early as 2021 and has continuously expanded its Green Bond program ever since. Initially, starting in 2024, the portion of the portfolio compliant with the taxonomy was reported. Since 2026, the entire Green Bond portfolio has been fully aligned with the taxonomy requirements. Since 2026, this has enabled the issuance of Green Bonds 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 activity. 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 and an allocation report - prepared using a standardized methodology - are subsequently published for each Green Bond issued and the measures it encompasses.

The underlying framework (EU Green Bond Factsheet) is based on the Green Bond Principles of the International Capital Market Association (ICMA) and the EU Green Bond Standard (EuGBS). The Factsheet and all other documents related to the State of Baden-Württemberg’s Green Bond issuances can be found below.

Green Bond issuances at a glance