Sustainability Bond #4 of the State of North Rhine-Westphalia

The State of NRW issued its fourth Sustainability Bond in March 2018. The bond is designed for investors focusing on Socially Responsible Investments (SRI).

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  • The State of North Rhine-Westphalia has been honored by the professional journal "Environmental Finance" with the award for the best sustainability bond of the year 2018 from Sub-sovereigns, Supranationals and Agencies ("Sustainability bond of the Year - supranational, sub-sovereign and agency (SSA)").
    The winners of this award were initially proposed by market participants. From the collected proposals, the winners were selected by a panel of judges consisting of some of the largest investors from the green, social and sustainable sectors.
    Read further information on the Award Internet site

The NRW Sustainability Strategy of June 14, 2016 serves as the political reference for the bond. Based on key sustainability themes outlined in the strategy, the framework for the Sustainability Bond focuses on the following projects categories:

  • Education and Sustainability Research
  • Inclusion and Social Coherence
  • Public Transport and Local Mobility
  • Climate Protection and Energy Transition
  • Protection of Natural Resources
  • Sustainable Urban Development
  • Modernization of educational and public health facilities

The Sustainability Bond #4 refers to 52 eligible projects from the State's 2017 budget. All projects were selected in accordance with the specifications set out in the framework. Main criterion is a clear environmental or social benefit as set out in NRW's sustainability policy. The projects are part of the State's discretionary spending. Projects prescribed by federal law are excluded. For the first time, a project promoting broadband expansion is included. The framework and the selected projects were again audited by oekom research, with a positive result.

After a series of investor meetings throughout Asia and Europe in February and early March 2018 the bond was issued on March 6th with a volume of EUR 2.025bn.    

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Stiftung Umwelt und Entwicklung NRW Landesarbeitsgemeinschaft Agenda 21 NRW Bertelsmann Stiftung Wuppertal Institut für Klima, Umwelt, Energie