In 2018, the EIB issued its inaugural Sustainability Awareness Bond (SAB).

SABs are complementary to our Climate Awareness Bonds and extend their approach to further areas of environmental sustainability (other than climate change mitigation) and social sustainability. With SABs, EIB extends its established allocation and reporting practice to cover the full spectrum of sustainability.

SABs are aligned with ICMA‘s Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines.

More details on SAB-related procedures, responsibilities, processes, including allocation and impact reports can be found in the latest audited SAB Framework.

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• EU taxonomy
• Eligibility
• Issuance

Alignment with EU Taxonomy Regulation & EU Green Bond Standard

In November 2020, the EIB Board of Directors approved the Climate Bank Roadmap 2021-2025 (CBR), which sets out in detail how the EIB Group aims to support the objectives of the European Green Deal. Among other things, the EIB Group plans to gradually increase the share of green financing, which means financing dedicated to climate action and environmental sustainability, to exceed 50% of new annual operations by 2025.

The CBR further states that the EIB intends to:

• align its tracking methodology for green finance with the EU Taxonomy. Such migration will include the application of the Taxonomy’s logic and structure related to related to determining a substantial contribution to the six environmental objectives, doing no significant harm to any of the six objectives and meeting minimum social safeguards,
• reflect such alignment to capital markets via extension of CAB and SAB-eligibilities,
• gradually align CABs and SABs with the proposed EU Green Bond Standard as retained and over time amended by the European Commission.

In anticipation of these plans, EIB already adopted in 2018 new CAB & SAB documentation that is tuned to evolving EU legislation on sustainable finance, including the EU Taxonomy Regulation. Social objectives under the SAB are defined by the EIB until extension of the Taxonomy Regulation to social sustainability objectives. Proceeds will be allocated to EIB’s lending activities in alignment with the logic* of the EU Taxonomy. 

More details are available in the SAB Framework.

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* Our CAB/SAB project eligibility criteria are structured to include criteria or processes for the assessment of “substantial contribution”, “no significant harm”, and “minimum social safeguards”. 

Proceeds from SABs are allocated to projects that contribute substantially to environmental (other than climate change mitigation) and social objectives. SAB documentation is aligned with evolving EU legislation on sustainable finance, including the EU Taxonomy Regulation. Initially focused on water-activities, the scope of SABs has been gradually extended to cover activities within education and health (incl. Covid-19 related activities) contributing to social objectives. In 2021, we extended SAB eligibility to the objectives “Protection and Restoration of Biodiversity and Ecosystem“ and “Access to Social and Affordable Housing“.

The current state of CAB and SAB eligibility is depicted below:

	Climate Awareness Bonds	Sustainability Awareness Bonds
	Environmental	Environmental (other than climate change mitigation)	Social
Objectives	Climate Change Mitigation (2007)	So far : Sustainable Use and Protection of Water and Marine Resources (2018)  Pollution Prevention and Control (2018) Protection and Restoration of Biodiversity and Ecosystems (2021)	So far:  Access to Water and Sanitation (2018)  Natural Disaster Risk Management (2018)  Access to Equitable and Inclusive  Quality Education (end 2019) Universal Access to Affordable Health Services (end 2019) Health Emergencies Response & Preparedness Capacity (2020) Access to Social and Affordable Housing (2021)
Activities	Eligible activities: Renewable Energy (2007)  Energy Efficiency (2007) Research, development and deployment of innovative low-carbon technologies (06/2020)  Electric rail infrastructure and rolling stock, and electric buses (06/2020) Further Taxonomy-eligible low-carbon activities in transport, manufacturing, waste and energy sectors (2022)	Eligible activities:  Water Supply and Management (2018) Wastewater Collection and Treatment (2018)  Sustainable Forest Management (2021)	Eligible activities: Water Supply and Management (2018)  Wastewater Collection and Treatment (2018)  Flood Protection (2018) Education (2019), including higher education (2020)  Health (2019), including Covid-related activities (2020) Housing (2021)

EUR

 

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Total SAB issuance since 2018

EUR

 

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Total outstanding SAB issuance

 

SAB currencies

EUR

 

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Total CAB and SAB issuance since 2007

EUR

 

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Total outstanding CAB and SAB issuance

Find out more on our: 

• outstanding CABs
• outstanding SABs

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SAB-related information

 

Reporting

Our latest SAB Framework, Allocation and Impact reports

 

Outstanding SABs

More information on our outstanding Sustainability awareness bonds

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Already using EU legislation to facilitate sustainable investment

Find out how we align our green and sustainability bonds with the EU Taxonomy Regulation and the proposed EU Green Bond Standard Regulation

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