The Spanish Treasury launched in 2021 a Green Bond Program which represents today a structural component of the Treasury’s financing strategy. Through the Green Bond Program, the Treasury increases the transparency of Spain’s environmental policy and objectives, promotes domestic sustainable financing and green capital markets and diversifies the Treasury’s investor base.
To manage the Green Bond Program, a Working Group was established in March 2021, which helps coordinate all the different Ministries involved in the process. With the help of this Working Group, the Treasury published a Green Bond Framework outlining the main elements regarding the Kingdom of Spain’s green sovereign issuance.
The updated Green Bond Framework, published by the Spanish Treasury in September 2026, pursues three complementary objectives: to adequately reflect the advances in Spanish climate and environmental policy; to incorporate information on the degree of alignment of expenditure categories with the EU Taxonomy criteria under a best-efforts approach; and to maintain the ambition of positioning this framework at the forefront of international best practices, thereby preserving the position of the Spanish sovereign green bond as a benchmark in the European sustainable finance market.
