The NRW Sustainability Strategy, adopted in a preliminary version on 29 September 2015, 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 refers to 48 eligible projects out of these categories from the State’s 2015 budget. All projects were selected in accordance with the specifications set out in the framework. Main criterion is a clear environmental and/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. The framework and the selected projects were again audited by oekom research, with a positive result (Second Party Opinion, 24 February 2016).

In February and March 2016 the bond was presented at a series of investor meetings throughout Europe. In March the State of NRW sucessfully issued its second Sustainability Bond with a volume of nearly 1.6 billion €.

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• Use of Proceeds – eligible assets: PDF-Download
• Second Party Opinion of oekom research: PDF-Download
• Investor Presentation Sustainability Bond: PDF-Download
• Impact Report on Sustainability Bond #2: PDF-Download
• Press Release (German)