Certification

The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments. Rigorous scientific criteria ensure that it is 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.

 

Netherlands Sovereign Green Bond

 

This is the first Sovereign Green Bond issued by a European country to receive Certification. In December 2017, Nigeria had issued a Certified Sovereign Bond (NGN 1.7bn, USD 30m equivalent)

This is the first sovereign green bond with an AAA rating.

Countries in Europe are increasingly interested in issuing sovereign green bonds. This is a welcome development as they act as important signals to various market stakeholders. Previously, Poland, France, Belgium and Ireland have also issued green bonds.

During the first announcement of the green bond programme, the Minister of Finance said, “Our ambition is to issue a dark green bond”.

A large portion of the proceeds will fund the government’s Delta Plan, which is the world’s most advanced and sophisticated floodplain management system, as most of the Netherlands is the Rhine’s floodplain and is very low lying and vulnerable to flooding and sea level rise. This management system will manage the country’s resilience to increasing sea levels as well as fresh water distribution.

The proceeds will also finance and refinance the government’s subsidies for solar energy developments, offshore wind energy developments, the government’s Incentive Scheme for Energy Performance in the Rental Sector (“STEP”), and the government’s investments in its passenger railway network.

32 investors with green credentials were given an additional allocation of up to 10%. 22% of the overall issuance was allocated to such green investors.

 

DATE OF ISSUE

TYPE OF INSTRUMENT

SIZE

COUNTRY OF ISSUE

CLIMATE BONDS SECTOR CRITERIA

VERIFIER'S REPORT

ANNUAL REPORT FURTHER INFORMATION
May 2019 Sovereign Bond

EUR 8.78 billion (USD 9.82 billion equivalent)

including tap of EUR 2.8 billion in June 2020

Netherlands

Solar Energy

Marine Renewable Energy

Water Infrastructure

Low Carbon Land Transport

Low Carbon Buildings - Upgrades

 

Pre Issue report

Second Party Opinion

Post issuance Verification

Report 2020

Issuer's webpage

Green Bond Framework

statement about annual report 2020