Madrid, Spain
Invested through
  • Triodos Impact Mixed Fund - Defensive
  • Triodos Impact Mixed Fund - Neutral
  • Triodos Euro Bond Impact Fund
  • Triodos Multi Impact Fund
  • Triodos Impact Strategy Fund - Defensive
  • Triodos Impact Strategy Fund - Balanced
  • Triodos Impact Strategy Fund - Offensive
Asset ClassesImpact bonds
Impact strategyImpact Equities and Bonds
ISIN codeES0000012J07

Triodos invests in sovereign bonds from EU member states and the UK. We only select only those countries that have no involvement in international sanctions, and that have signed and ratified international conventions on controversial weapons, human rights, labour rights, and the environment. This includes the International Labour Organization (ILO) conventions (e.g. on child labour, and forced labour), the international convention on civil and political rights, the biological and chemical weapon conventions, the non-proliferation of nuclear weapons treaty, the Paris Climate Agreement, and the convention on biological diversity, amongst others.

Investment rationale

The Kingdom of Spain's green bond 2021 will finance expenditures related to clean transportation (71%), sustainable management of water and waste water (12%), protection and restoration of biodiversity(5%), climate change adaptation (4%) , renewable energy (4%), prevention and control of pollution and circular economy (2%) and energy efficiency (2%).

The majority of proceeds will be allocated to the electrification, renewal and expansion of Spain's railroad system. Given the potential of electric rail systems to reduce greenhouse gas (GHG) emissions from the transport sector, which accounts for 27% of the country's GHG emissions, the bond contributes to our Sustainable Mobility and Infrastructure transition theme.

Besides electrification of the rail system, the bond will finance rehabilitation measures for nature areas, expanding the space for the Ebro river to reduce the risk of flooding and restore ecosystems, trainings for the agrifood-sector on environmental issues, and monitoring of air pollutants. Each of these projects has a positive net environmental impact.