These bonds are also referred to as “green twins”, because they have the same characteristics as conventional federal securities. The difference is that they have budget expenditures for climate action, environmental protection and nature conservation assigned to them.
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Green Bond Framework
Within the Green Bond Framework, all conditions under which Green German Federal securities will be issued are transparently embedded: the goals pursued by the federal government in the areas of climate action, environmental protection and nature conservation, the issuance concept, the eligible green expenditures, the exclusion criteria, the reporting, and external reviews. For the issuance years 2020 to 2025, the version of 24 August 2020 [pdf, 3MB] applied. For issuances from the year 2026 onwards, the updated version of 15 January 2026 applies.
The use of proceeds from Green German Federal Securities always corresponds to federal expenditure from the previous year. Spending from the previous year’s budget that qualifies as “green” is assigned to the securities. The Green Bond Framework lists five main green expenditure categories that can be assigned to Green German Federal Securities. These are:
- Transport
- International cooperation
- Research
- Energy and resources
- Ecosystems
The processes related to eligible green expenditures are managed by the Interministerial Working Group and the Core Green Bond Team [pdf, 77KB] . The Green Bond Framework and all relevant allocation and impact reports are available for download at https://www.deutsche-finanzagentur.de.
German government publishes “Green bond allocation report 2024”
On 28 February 2025, the German government published the allocation report for Green German Federal securities that were issued in 2024. The “Green bond allocation report 2024” provides investors with transparent and reliable information about federal budget expenditures incurred in 2023 in the areas of climate action, environmental protection and nature conservation that qualify as green and that were allocated to the proceeds of Green German Federal securities issued in 2024.
German government publishes the impact report for German green bonds issued in 2023 and 2024
On 19 December 2025, the German government published the impact report for the Green German Federal securities that were issued in 2023 and 2024. The “Green bond impact report 2023 and 2024” provides investors with transparent and reliable information about the impact on the climate, environment and nature of green expenditures from budget years 2022 and 2023 that were allocated to the proceeds of the Green German Federal securities issued in 2023 and 2024.
In 2023, the German government issued Green German Federal securities with a total volume of €17.25bn. In the 2023 allocation report, around €18.4bn in eligible green expenditures from budget year 2022 were allocated to the proceeds from these securities. In 2024, the German government issued Green German Federal securities with a total volume of €17.5bn. In the 2024 allocation report, around €18.8bn in eligible green expenditures from budget year 2023 were allocated to the proceeds from these securities.
The impact report shows the contributions that the green expenditures are making to climate protection, climate change adaptation, mitigating environmental pollution, and protecting biodiversity and ecosystems.