Post-issuance certification received for EnBW’s green subordinated bond
Karlsruhe. A little more than a year after issuance of EnBW’s green subordinated bond with a total volume of 500 million euro on 24 August 2021, the Climate Bonds Standard Board has now confirmed the post-issuance certification of the green bond in August 2022.
As was already the case at the time the bond was issued in 2020, both the sustainability rating agency ISS ESG and the Climate Bonds Initiative (CBI) have verified the use of funds from the green bond in accordance with high standards. The CBI standards include, for example, detailed sector-specific criteria for qualification as green bonds. These criteria are developed by teams of experts coordinated by an advisory board comprising institutional investors and (environmental) NGOs.
The proceeds in their entirety had been allocated to projects in the area of wind power, photovoltaics and e-mobility. EnBW reported transparently on the allocation of the proceeds in its Green Bond Impact Report published in March 2022.
More than a quarter of the proceeds went to EnBW's solar parks, including the Alttrebbin and Gottesgabe ground-mounted plants, each of which has a capacity of around 150 megawatts and has been fully connected to the grid since the middle of the year. By the end of 2025, half of EnBW's generation portfolio is to consist of renewable energies.
In addition, EnBW today published an update to its Green Financing Framework.
The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that bonds and loans with Certification are consistent with the goals of the Paris Climate Agreement to limit warming to under 2 degrees. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.