Green Bond-Reporting 2014
Management of proceeds
Reporting as of 31 December 2014:
As one of the world's largest financiers of renewable energies, KfW endeavors to make an active contribution to climate protection through its capital market activities. Therefore, KfW started to issue green bonds in 2014. Amounts equal to the net proceeds from the issuances are invested in projects under KfW's programme "Renewable Energies - Standard".
In 2014, KfW received requests for disbursements under this programme in an amount of EUR 4.11 billion. In the same period, KfW received net proceeds totaling EUR 2.68 billion from its green bond issuances. Proceeds in foreign currency are converted into Euro at the ECB's exchange rate on the pricing date of the respective issuance.
As of the reporting date, KfW had fully invested amounts equal to the net proceeds from the 2014 issuances in projects for renewable energies. Accordingly, in 2014, KfW's financings of investments in renewable energies projects exceeded the funds raised through its green bonds by approximately EUR 1.43 billion.
80% of all requests for disbursements were related to projects for the use of wind energy, and 17% were related to projects for the use of solar energy. The remainder of the requests for disbursements was related to biogas/biomass systems, hydropower and other projects.
While the projects financed were located principally in Germany, 25% of all requests for disbursements were related to projects located outside Germany - in France, Sweden, and the UK.