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The German finance ministry (BMF) is pondering a review of the federal budget based on sustainability criteria in order to prepare the issuing of a green state bond, a ministry source told journalists in Berlin. The state budget, currently about 360 billion euros per year, would have to be screened for 鈥榞reen expenses鈥� that could then be used to back the environmental credentials of the issued bonds. Expenses could be investments in e-mobility, energy efficiency or other activities aimed at emissions reduction and should initially serve to 鈥渃reate a market鈥� for the instrument. The screening would mean a disclosure of the cash books of all ministries involved in Germany鈥檚 climate cabinet and assess disbursements in a way akin to existing sustainability ratings, a measure whose implications not all ministries seem to have fully understood, the BMF official said.

Green bonds and other sustainable finance instruments are a rapidly growing segment on financial markets and are becoming increasingly important to fund the growing demand for renewable power and other energy transition projects. However, the lack of a commonly agreed definition for sustainability criteria is hampering development, a challenge that the European Commission has started to address by working on a common classification system, a taxonomy, for sustainable investments in Europe. Germany is one of the world's largest bond issuers, and the country is trying to quickly establish green finance expertise as a necessary complement to its climate policy. It launched a sustainable finance council in June to develop a more strategic approach.