The sustainability bond issued by Nordrhein-Westphalen finances a variety of activities and projects, which are all directly connected to the State's sustainability strategy. The majority of proceeds will be allocated to expenditures related to public healthcare and education. Examples include expansion and improvement of healthcare infrastructure in general and Covid-19 related, mental health and addiction programmes. Examples for education range from daycare to university and are intended to increase access to quality education with particular focus also on underserved populations, such as migrants. In addition, the State intends to finance the roll-out of broad band infrastructure, which will enable faster and reliable access to the internet, which has become particularly important as Covid-19 required education and business to use digital infrastructure. The expenditures also include projects and business models that promote awareness, innovation and implementation of technologies and projects that contribute to climate change mitigation, adaptation and nature conservation.

In total, 100.0% of the proceeds of the impact bond is aligned with one or more Triodos Transitions:
- 41.5% of proceeds is allocated to the Well-being transition,
- 37.2% of proceeds is allocated to the Societal transition,
- 16.8% of proceeds is allocated to the Resource transition,
- 4.5% of proceeds is allocated to the Energy transition,
- 0.1% of proceeds is allocated to the Food transition.

- The contribution to Well-being transition comes from 23.6% of proceeds allocated to Access to Essential Services: Education, and 17.9% of proceeds allocated to Access to Essential Services: Health.
- The contribution to Societal transition comes from 21.6% of proceeds allocated to Socioeconomic Advancement & Empowerment, 9.4% of proceeds allocated to Affordable Basic Infrastructure: Communication, 4.3% of proceeds allocated to Affordable Basic Infrastructure: Transport, and 1.7% of proceeds allocated to Affordable Housing.
- The contribution to Resource transition comes from 11.2% of proceeds allocated to Green Buildings, 2.0% of proceeds allocated to Environmentally Sustainable Management of Living Natural Resources & Land Use, 1.4% of proceeds allocated to Climate Change Adaptation, 1.4% of proceeds allocated to Sustainable Water & Wastewater Management, and 0.8% of proceeds allocated to Pollution Prevention & Control.
- The contribution to Energy transition comes from 3.1% of proceeds allocated to Energy Efficiency, 1.1% of proceeds allocated to Clean Transport, and 0.3% of proceeds allocated to Renewable Energy.
- The contribution to Food Transition comes from 0.1% of proceeds allocated to Food Security.