Promoting sustainability by raising capital and channelling it towards sustainable projects
NBG’s first Green Bond Framework and Issuance
In April 2020, National Bank of Greece S.A. ("the Bank") published its Green Bond Framework (“GBF”) identifying eligible categories of projects in renewable energy that could be designated for the use of proceeds from a green issuance. NBG engaged Sustainalytics to provide a Second Party Opinion on its GBF. Sustainalytics concluded that the Bank’s GBF was in alignment with the four core components of the International Capital Market Association’s Green Bond Principles 2018.
Following the issuance of the GBF, NBG issued, in October 2020, its inaugural Green Senior Bond of €500 million, the first Green Bond ever issued by a Greek bank with a coupon of 2.750% and a yield of 2.875%. By the end of 2022, all proceeds had been allocated to 58 renewable energy projects nationwide, financing or refinancing eligible assets related to power generation onshore wind, solar, and small hydro projects (<20 MW). Sustainalytics conducted post-issuance reviews of the Impact Reports related to the Bank’s 1st Green Bond. On September 9th 2025, NBG exercised the call option and redeemed the aforementioned Green Bond.
NBG’s updated Sustainable Bond Framework and recent issuances further reinforce the Group’s sustainability strategy
In October 2023, NBG became the first Greek bank to issue a Sustainable Bond Framework, which currently serves as the overarching governance framework for any future issuance of Green, Social and other Sustainability-labelled debt instruments or financial instruments. This framework builds on the eligibility criteria previously used in NBG’s Green Bond Framework and expands its applicability to additional green and social eligible categories.
Following the framework update and the full allocation of the first Green Bond, NBG successfully placed two new Green Senior Bonds in the international capital markets. Specifically, in November 2024 NBG issued its second €650 million Green Senior Preferred Bond with a 3.50% coupon and a 3.526% yield, and in July 2025 its third €750 million Green Senior Preferred Bond featuring a 2.750% coupon and a 2.903% yield. The proceeds of the latest issuances will be used to finance or refinance a portfolio of green projects in alignment with the updated Sustainable Bond Framework, reinforcing NBG’s commitment to sustainability, its leadership in renewable energy financing, and its long-term value creation intention.
NBG proceeded with the full allocation of its 2nd Green Bond proceeds one year following the green bond issuance and published the respective Impact Report on 30 November 2025. The proceeds from the issuance of NBG’s 2nd Green Bond have been designated to finance or refinance 49 eligible projects, comprising 44 renewable electricity generation projects deploying onshore wind, solar, and hydro technologies, 4 energy storage projects, and 1 project related to financing the acquisition of a renewable energy company and its RES portfolio. Sustainalytics conducted the post-issuance review on the Allocation and Impact Report, verifying NBG’s compliance with the reporting commitments set out in its Sustainable Bond Framework.
Overall, NBG has long been recognized as the leading financial institution in the Greek energy sector, supporting the expansion of renewable energy infrastructure through its unparalleled expertise and innovative financing solutions that allow it to support various types of RES projects across regions, as well as to participate in the sector’s landmark projects and transactions.
