Second-Party Opinion Download

Green Bond Principles 2021

Sustainalytics is of the opinion that the Green Bonds – Made by KfW Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 with June 2022 Appendix. The eligible categories for the use of proceeds – i) Renewable Energy; ii) Green Buildings; iii) Clean Transportation; iv) Biodiversity; v) Sustainable Water and Wastewater Management; vi) Pollution Prevention and Control; and vii) Energy Efficiency – are aligned with those recognized by the Green Bond Principles 2021 with June 2022 Appendix. Sustainalytics considers that investments in the eligible categories will contribute to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 6, 7, 9, 11, 12, 13 and 15.

Alignment with the EU Taxonomy

Sustainalytics has assessed the Green Bonds – Made by KfW Framework for alignment with the technical screening criteria for substantial contribution (SC) to environmental objectives of the EU Taxonomy. Sustainalytics mapped the criteria defined in the Framework’s use of proceeds categories to 78 activities in the EU Taxonomy. Sustainalytics is of the opinion that 63 activities align with the applicable SC criteria, 7 partially align and 8 are not aligned. For more details, please refer to Table 2. Sustainalytics is also of the opinion that the activities and projects to be financed under the Framework will be carried out in alignment with the EU Taxonomy’s Minimum Safeguards. The Framework activities were not assessed for alignment with the Do No Significant Harm (DNSH) criteria of the EU Taxonomy in this report.