Information for Investors

The Kingdom of Spain’s Green Bond Framework

The Kingdom of Spain’s Green Bond Framework, published in July 2021, is the document that compiles the main elements surrounding the issuance of green bonds by the Spanish Treasury. The framework follows the Green Bond Principles of the International Capital Markets Association (ICMA), and it also has a Second Party Opinion (SPO) by Vigeo Eiris, in accordance with best market practices. The SPO has awarded the Kingdom of Spain’s Green Bond Framework with the highest possible rating.

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.

Annual Reporting 

The Inter-ministerial Working Group will coordinate and review the information related to issuance done under the Kingdom of Spain’s Green Bond Framework. The Working Group will publish an annual report on the allocation and impact of the sovereign green bonds issued by the Kingdom of Spain, starting one year after the inaugural issuance. 

These reports will be made based on the information supplied by the different members of the Public Administration involved in the design, execution and control of the spending associated with the issuance of green bonds by the Spanish Treasury.