The government of the Netherlands has announced its first green bond, with a volume of €4-6 billion, will be issued on May 21.
That marks a raised ambition since the government announced in November it was planning to raise €3.5-5 billion through green bonds annually, starting this year.
The net proceeds of the first bond will be used for sustainable, climate-related expenditure and investment by the government, an official statement confirmed.
Four types of project will be eligible for green bond backing, including large scale renewable energy projects developed under the Netherlands’ SDE+ incentive program. Bond proceeds can also be used to back energy efficiency projects, clean transportation and other initiatives aimed at fighting climate change.
“Eligible green expenditures include expenditures from the entire budget year preceding the issuance, the budget year of issuance and future budget years,” the government said, with the Netherlands’ State Treasury Agency stating it plans to devote up to half the proceeds to expenditure in the budget year of issuance or future fiscal years.
“Within a few years after the initial issuance, the bond will be tapped to a benchmark size of approximately €10 billion, as is regular practice for longer-dated [green bonds],” the government added.
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