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# New Zealand sovereign green bond programme reaches NZD 9.72bn in net proceeds
- URL: https://www.theglobalbanker.com/new-zealand-sovereign-green-bond-programme-reaches-nzd-9-72bn-in-net-proceeds/
- Published: 2025-11-28T09:16:00.000Z
- Updated: 2026-10-18T22:38:47.000Z
- Description: New Zealand Debt Management's 2025 Allocation and Impact Report shows NZD 9.93bn of green bonds on issue at 30 June 2025, with clean transport and green buildings taking the largest allocations.
- Author: TGB Editorial Team
- Tags: ESG, Asia-Pacific, #archive

New Zealand Debt Management (NZDM) published its Sovereign Green Bond Allocation and Impact Report 2025 on 28 November 2025, showing that the amount of green bonds on issue totalled NZD 9.93bn as at 30 June 2025, with net proceeds of NZD 9.72bn.

NZDM, part of the Treasury, has tendered regularly into the green bond line since the inaugural syndication in November 2022\. Net proceeds of NZD 3.33bn from bonds issued in the 2024/25 financial year have been fully allocated, meeting the framework's commitment to allocate proceeds within two financial years of issuance. Of the 2025 allocation, 65.6% went to 2024/25 expenditure and 34.4% to refinancing 2023/24 expenditure.

#### CLEAN TRANSPORT AND GREEN BUILDINGS LEAD ALLOCATIONS

The New Zealand Sovereign Green Bond Framework, published in August 2022, spans eight green categories: clean transport; green buildings; energy efficiency and renewable energy; living and natural resources and land use; pollution prevention and control; climate change adaptation; sustainable water and wastewater management; and terrestrial and aquatic biodiversity.

Clean transport accounts for the largest cumulative allocation, at NZD 3.75bn, followed by green buildings at NZD 2.75bn and terrestrial and aquatic biodiversity at NZD 1.31bn. Mitigation categories made up NZD 2.70bn, or 80.9%, of the 2025 allocation. The living and natural resources and land use category received NZD 128.6m in 2025, the largest component being government funding for research into reducing agricultural emissions and its deployment on farms.

#### EXTERNAL REVIEW

Morningstar Sustainalytics carried out an annual review of the 2025 allocation and found nothing to indicate that the expenditures did not conform, in all material respects, with the framework's use-of-proceeds criteria and reporting commitments. Toitū Envirocare provided additional assurance on the impact reporting. The report estimates that expenditures financed by the programme avoid operational emissions of 197,065 tonnes of carbon dioxide equivalent a year.