NWB Bank receives Dark Green SPO from S&P Global on its existing Green Bond Framework

S&P Global has released its Second Party Opinion (SPO) on our existing Green Bond Framework. This updated assessment reaffirms the environmental integrity and transparency of the framework, which has been in place since its original publication.

Two key highlights from the SPO:

• ​​Dark Green Rating: S&P Global assesses the framework using its “Shades of Green” methodology, and has awarded the framework its highest sustainability rating of Dark Green. This indicates that the financed projects make a strong contribution to a low-carbon and climate-resilient future.
• Full alignment with ICMA Green Bond Principles 2025: The framework is confirmed to be fully aligned with the latest ICMA Green Bond Principles (2025), ensuring best practices in use of proceeds, project evaluation, management and reporting.

NWB Bank's Green Bond Framework enables the issuance of Water Bonds. The proceeds are being used to provide loans to the water authorities and support them in their mission to prevent flooding, protect water quality and water availability. All water authorities’ activities contribute to climate change adaptation, mitigation and biodiversity.

The first Water Bond was issued in 2014. Total outstanding water bonds under the framework amount to € 7.2 billion (11 bonds).