Sustainability Bond #12 of the State of North Rhine-Westphalia

The concept of the Sustainability Bonds is closely related to the Sustainability Strategy for North Rhine-Westphalia which was adopted in 2016 and updated in 2020. The content, goals and measures of the strategy are closely aligned with the goals of the German Sustainable Development Strategy (2025 updated) and the 17 Sustainable Development Goals. Ecological, economic and social interaction are equally taken into account.

Sustainability Bond #12 refers – like Sustainability Bond #11 – to 53 suitable projects in the State's budget plan 2024, which strengthen the State's sustainable development. The projects were selected based on the criteria described in the newly designed framework published in 2025. The projects come from areas such as education, research, health, local public transport, climate protection and digitalization. 

The response from investors and other professionals to the State's Sustainability Bonds has been extremely positive. The State of North Rhine-Westphalia was awarded the prize for “Most Impressive Municipal/Local Authority Green/SRI Bond Issuer” (2017) / “Most Impressive Local Government Green/SRI Bond issuer" (2019, 2021, 2022) / “Most Impressive Local Government ESG Bond Issuer (2023, 2024)” by “GlobalCapital” six times. In addition, the State's Sustainability Bond was awarded with the prize for “Sustainability bond of the Year - supranational, sub-sovereign and agency (SSA)” (2019) / “sustainability bond of the year – local authority/municipality” (2024) twice by Environmental Finance.
 

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