The Dutch State Treasury Agency (DSTA) has published its seventh annual green bond report today. This report provides insights into the DSTA's Green Bond issuance and its impact through an allocation and impact report. By publishing the Green Bond Report, the State of the Netherlands demonstrates its continued commitment to a robust green capital market.
Green Bonds are bonds for which the funds raised are allocated to green- or climate related expenses and investments. The Green Bond Framework was last updated in 2023. Just over seven years ago, the Netherlands was the first AAA sovereign to issue a green bond. As of 31 December 2025, the outstanding amount of Green DSLs is nearly €27 billion. The DSTA has issued two Green Dutch State Loans. The current Green Bond Framework adheres to a very large extent to the EU taxonomy.
In 2025, the DSTA raised € 2.055 billion in the Green DSL 2044 through means of a tap auction
With this auction, the total outstanding amount in green bonds is, as of 31 December 2025, €26.998 billion. The funds raised through the green bonds are allocated by the Dutch State to climate-related expenses and investments, in accordance with the Green Bond Framework. This allocation has been independently audited and confirmed by the Central Government Audit Service (Auditdienst Rijk) and second party opinion provider Moody’s. Moody’s has awarded the 2025 Green Bond Report with the label Best Practice, the highest possible score.
Green Dutch State Loans and the Green Bond Report
The outstanding green bonds are aligned with the ICMA Green Bond Principles. The DSTA strives to allocate to a diverse array of expenses and investments. Currently, these are renewable energy, energy efficiency, sustainable transport and climate adaptation and sustainable water management.
The Green Bond Report for 2025 presents an overview of the allocation and impact of the Green Bond issued in the tap auction of the DSL 2044 in 2025. The Green Bond Report also includes various other subjects related to the Dutch Green Bond Programme and three case studies.
This Green Bond Report now features a cumulative allocation table, offering a transparent overview of total allocations for both the 2044 and the 2040 green bonds. Additionally, the report discusses how in the government’s procurement processes social aspects are taken into account, such as social return. Finally, Moody’s has reviewed this Green Bond Report and provided us with the “Excellent” sustainability quality score.