Green, Social and Sustainability Bonds | CDP

CDP Bonds

We are present in the financial markets through the medium-to-long-term bond issuance programme and the short-term commercial paper programme that are placed with institutional investors. In addition to these, CDP has a bond issuance programme reserved for retail investors resident in Italy.


Green, Social and Sustainability Bond

CDP launches its first Green Bond under the "CDP Green, Social and Sustainability Bond Framework"

The issuance contributes to further strengthen CDP's commitment to supporting the transition towards a sustainable development model and is consistent with the priorities identified in CDP’s 2022-2024 Strategic Plan: «Energy Transition», «Preservation of local territories and water management» and «Transport and Logistics hubs».


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CDP as responsible issuer

Since 2017 CDP is active on the debt capital market also as an ESG issuer, within the DIP Programme.
This has enabled CDP to reach a wider audience of investors, including Socially Responsible Investors (SRIs), who are particularly interested in investments which are able to deliver added social and environmental value.

In line with its role as National Promotional Institution, and with its strategic approach to sustainability aimed to contribute to the achievement of the 17 United Nations Sustainable Development Goals, CDP recognises the importance of its role in supporting sustainability and continues to operate by strengthening its commitment to sustainable finance tools, in line with social, environmental and governance standards.

Green, Social and Sustainability Bond Framework

In order to define the scope and way of intervention in the ESG Bonds market, CDP has developed the “CDP Green, Social and Sustainability Bond Framework” (the “CDP Framework”), designed in accordance with the most recent Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines, published by the International Capital Market Association (ICMA).

In line with international best practices, CDP appointed a Second Party Opinion provider (ISS ESG) to verify the sustainability credentials of the framework and assess its alignment with the ICMA Principles.

Types of ESG Bonds

As specified the second on “Use of Proceeds” in its Framework, CDP can issue the following three types of bonds:

  • Social Bond: to finance or refinance, in whole or in part, new or existing social initiatives
  • Green Bond: to finance or refinance, in whole or in part, new or existing green initiatives
  • Sustainability Bond: to finance or refinance, in whole or in part, new or existing social and green initiatives

Investment Categories

The proceeds of each Green, Social or Sustainability Bonds issued by CDP will be used to finance investments which fall under the categories listed below, with the aim of supporting the achievement of the United Nations Sustainable Development Goals.

Each Green, Social or Sustainability Bond can focus on one, more than one or all the above-mentioned categories, making it an important tool in contributing to the promotion of sustainable development.

Commitment and transparency towards the market
CDP is comitted to make public, one year after each issuance, a Report with detailed information on both the projects funded and their qualitative and quantitative impacts.

Infrastructures and Development of Cities

Promoting urban transformations, infrastructures development and general-interest projects

SMEs and Corporates Financing

Fostering employment and economic growth, especially in areas and populations affected by natural and/or health disasters or economically underperforming areas

Social Housing

Financing investments that increase access to social housing aiming to support people living without adequate housing

Green Energy and Environmental Sustainability

Support of energy transiton and the promotion of environmental sustainability

ESG Bonds

Sustainability Bond 2022

Sustainability Bond aimed at financing green and social initiatives, including renewable energy, energy and water efficiency, social infrastructure, and internationalization of Italian companies.

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Social Bond 2021

CDP’s sixth Social Bond aimed to support Italian SMEs and Mid-Caps mainly located in the Southern Italy regions.

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Social Bond 2020

Social Bond aimed to support Italian Companies investing in research, development and innovation and those hit by the coronavirus emergency.

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Covid-19 Social Response Bond

Social Bond aimed at supporting enterprises and territory harshly hit by the Coronavirus emergency

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Social Housing Bond 2020

Social Bond aimed at supporting social housing projects

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Social Bond 2019

Social Bond aimed at financing school facilities and urban redevelopment initiatives

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Sustainability Bond 2018

Sustainability “Hydro” Bond aimed at promoting the development and modernization of the Italian water supply network

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Social Bond 2017

Social Bond aimed at financing Italian Small Medium Enterprises (SME) based in economical deprived areas

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