The Kingdom of Spain’s Green Bond Framework is the document that compiles the main elements surrounding the issuance of green bonds by the Spanish Treasury.
The Framework, updated in September 2026, follows the Green Bond Principles of the International Capital Markets Association (ICMA) and received a Second Party Opinion (SPO) by Sustainable Fitch, which awarded the Framework with the highest possible rating. Under the Framework, the Kingdom of Spain aims to align all expenditures with the EU Taxonomy's substantial contribution criteria (SCC) on a best-effort basis or, alternatively, comply with other best market practices.
As well as including the main environmental commitments of the Kingdom of Spain’s Green Bond Program, the Framework also defines:
- Use of the funds raised.
- Evaluation and selection of eligible spending.
- Management of the funds raised.
- Information for investors.
- External review processes.
