Today, the Republic of Austria published its Green Investor Report 2025, the annual report on the use of proceeds and the climate and environmental impact achieved by the federal government's green funding.
In 2025, the Republic of Austria issued new green financing instruments with a volume of EUR 6.13 bn. In 2025, green RAGBs were issued in four transactions with a total amount of EUR 2.61 bn. In January, the Republic of Austria successfully tapped the green RAGB 1.85% May 2049 in a dual-tranche transaction. Final books closed at over EUR 51 bn (of which more than EUR 15 bn was for the green RAGB 2049 tap), which represented the largest combined order book size achieved in any Austrian government bond dual-tranche transaction in Austria’s history. In June 2025, the Green RAGB 2,90% May 2029 was also tapped via auction.
Bundesschatz, the new retail investment product introduced in 2024, also offers tenors of 6 months and 4 years in a green format making the Republic of Austria the first country in the world to offer a green money market product for private investors. Green Bundesschatz was increased by a total of 650 million EUR in 2025.
The total green expenditures of the federal government for the budget years 2024 and 2025, according to the ICMA method, amounted to EUR 6.3 bn and EUR 7.2 bn respectively. The Republic of Austria has thus the highest share of green budgetary expenditures in relation to GDP of all sovereign green bond issuers worldwide.
The green issuances of EUR 6.13 bn in 2025 were allocated to green budgetary expenditures from 2024 (amounting to EUR 3.0 bn) and 2025 (amounting to EUR 3.1 bn). Based on the budget data currently available, a green funding volume of around EUR 7.0 bn is expected for 2026.
As in previous years, this report is a combined allocation and impact report. It provides information on the use of proceeds (allocation report) and contains an analysis of the environmental impact (impact report).
To enhance the convenience for investors, allocation and impact metrics are available in machine-readable format in the Green Investor Spreadsheet.
The impact report provides information on the environmental impact for 99.5% of the allocated amounts. The financed projects lead to a total reduction/avoidance of 3.5 million tons of greenhouse gas emissions (CO2e) per year over their life cycle and the projects financed in the categories "Renewable energies" and "Energy efficiency" enable annual renewable energy generation of 2.75 TWh and annual energy savings of 0.9 TWh.
The Green Investor Report was prepared by the Green Bond Board Management (Federal Ministry of Finance, Federal Ministry of Agriculture and Forestry, Climate and Environmental Protection, Regions and Water Management and the Austrian Treasury) in cooperation with the Environment Agency Austria, which prepared the impact analysis with the involvement of other ministries and organisations. In the preparation of its fourth Green Investor Report, the Republic of Austria was supported by Deutsche Bank as Green Reporting Coordinator.
ISS Corporate prepared the Second Party Opinion as an independent reviewer.