Approval by the EU Commission on Tuesday for the adoption of an independently evaluated Green Bond framework clears another hurdle towards the issuance of up to 250 billion euros in “green bonds, or roughly 30 percent of NextGenerationEU’s total issuance.

According to the Commission’s planning, the idea is to provide confidence to investors that allocated funding will be funneled to “green projects” and that the Commission will report on its environmental impact.

The development caused positive ripples in Athens, as the finance ministry, in cooperation with the Public Debt Management Agency, began a study last June on the prospects of creating a framework to issue Greek state bonds, whose proceeds will be funneled towards public sector infrastructure, initiatives and programs exclusive linked directly with “green” and viable economic development.

According to ministry officials, such an inaugural “green issue” by the Greek state, of a mid-term duration, will comprise a portion of the country’s lending strategy for the coming year.

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