State of Baden-Württemberg

The 2023 update of the Baden-Württemberg Green Bond Framework reflects significant structural and organizational improvements. The framework now includes a comprehensive table of contents and reorganized governance structure with explicit identification of the Interministerial Working Group responsible for project selection. The external verification provider changed from V.E to Moody's Investors Service, indicating a shift to a larger, internationally recognized credit rating agency for third-party assurance. Additionally, the 2023 version expands the framework's formal structure by clearly delineating sections on Management of Proceeds, comprehensive Reporting protocols (including both allocation and impact reporting), and External Review procedures—elements that were either absent or less clearly defined in the 2021 version.

• modified External Review — Verification provider changed from V.E to Moody's Investors Service, a larger internationally recognized credit rating agency
• expanded Governance — New explicit governance structure introduced with dedicated Green Bond Baden-Württemberg Interministerial Working Group responsible for project evaluation and selection
• expanded Reporting — Enhanced reporting framework now includes distinct sections for allocation reporting and impact reporting with external review procedures
• expanded Management of Proceeds — Dedicated section on Management of Proceeds added to the framework structure with explicit procedures
• expanded Process for Project Evaluation and Selection — Framework now explicitly details criteria for project selection, working group composition, and reference to a green project list