- Press Releases
September 7 (Renewables Now) - The European Commission (EC) has today taken a step towards its plan to issue up to EUR 250 billion (USD 297bn) in green bonds, representing 30% of issuance under the NextGenerationEU Covid recovery plan, with the adoption of a green bond framework.
The independently evaluated green bond framework will enable the EC to go ahead with the first green bond issuance in October, subject to market conditions.
"The EU's intention to issue up to €250 billion in green bonds between now and end-2026 will make us the largest green bond issuer in the world," said commissioner in charge of budget and administration, Johannes Hahn.
The NextGenerationEU green bond framework is consistent with the green bond principles of the International Capital Market Association (ICMA) and has been reviewed by Vigeo Eiris, part of Moody's ESG Solutions.
The proceeds will finance the member states' climate-related expenditure, which must account for at least 37% of their national recovery and resilience facility budget. The funds will be channelled to nine broad categories, including energy efficiency, clean transportation and clean energy.
The EC announced its intention to raise 30% of the NextGenerationEU funds through the issuance of green bonds in September last year.
(EUR 1 = USD 1.187)