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Green Bonds - Made by KfW

As part of its funding programme, KfW has been issuing "Green Bonds – Made by KfW" since 2014. The proceeds out of the green bonds contribute to KfW's overall funding and are used for KfW's general promotional activities accordingly. KfW allocates funds equal to the net proceeds of its green bonds to drawdowns under the specific loan programmes defined in its Green Bond Framework. These are used to finance projects that serve climate protection.


In its Green Bond Framework, KfW defined specific loan programmes that help to mitigate climate change.



Regular reporting provides transparency on the allocation of funds and the resulting environmental impact.

Green Bond Reporting

KfW's Green Bond issuances

KfW is one of the world's largest issuers of green bonds in terms of issue volume.

Overview Green Bond Issues

KfW's holistic sustainability strategy

KfW is the promotional bank of the Federal Republic of Germany. This promotional mandate is set out in the "KfW Law" (PDF, 144 KB, accessible). The transformation of the economy and society to improve economic, ecological and social living conditions worldwide is KfW's primary objective.

KfW's sustainability strategy is based on a holistic approach. KfW aims to align its business and financing activities measurably with the UN Sustainable Development Goals (SDGs) and compatibly with the Paris Climate Change Goals. The "tranSForm" (PDF, 2 MB, non-accessible) project launched at the end of 2020 sets the course for a harmonised understanding of impact across the Group and improved measurability and reporting on the sustainability impact of projects financed or co-financed by KfW.

In line with these promotional principles, KfW puts a focus on financing projects in the areas of Climate Change & Environment, Globalisation, Social Change and Digitalisation & Innovation. Within its annual promotional volume, KfW has set itself the goal of a group environmental ratio of 38%.

With the "Green Bonds - Made by KfW", KfW has established a suitable instrument to help achieve these goals and further enhance the bank's sustainability profile. KfW issued its first green bond back in 2014. It has since established itself as one of the largest issuers of green bonds worldwide. Since 2015, it has also acted as an investor in green bonds.

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