2023THE WORLD BANK IMPACT REPORT

Sustainable Development
Bonds & Green Bonds
EXECUTIVE SUMMARY

2The World Bank Impact Report 2023

SustainableDevelopment Bonds
ACHIEVED RESULTSIn FY23, the proceeds from World Bank Sustainable Development Bonds contributed to $25.5 billion
in disbursements1 to projects helping member countries make progress toward national priorities and2

the SDGs. Below is a selection of actual results reported for projects in FY23:

Sustainable & Inclusive Growth

6.7 million people

with enhanced access to transportation services

1.1 MW f generation capacity of energy constructed oro
rehabilitated

4 million people

with new/improved electricity service

101,513 people

with new/enhanced access to broadband internet

4.9 million students

487,502 farmers

adopting improved agricultural technology

273,138 ha

with new/improved irrigation or drainage services

Human Capital

67.9 million peoplecovered by social safety net programs

11.1 million people

with essential health, nutrition, and population services

with direct interventions to enhance learning

8.9 million beneficiaries
of job-focused interventions3

2 million people and141,423 businesses benefiting fromfinancial services4

4.3 million people

with access to improved water sources

10.7million people

with improved sanitation services

3.4 million people

with improved urban living conditions

1

The World Bank (International Bank for Reconstruction & Development or IBRD) Sustainable Development Bond project portfolio comprises 690 projects including those thatclosed during FY23.

2

These results include outputs and outcomes of IBRD–supported activities. Results are reported for active IBRD and blend operations and those that closed within the reporting
period. Some countries that are International Development Association (IDA)-eligible based on per capita income levels are also creditworthy for some IBRD borrowing. They
are referred to as “blend” countries. The results reported are those achieved by client countries, with support from the World Bank, during the fiscal year except for net GHG
emissions which is based on ex-ante estimates rather than actual results. These results represent a subset of results and are dynamic from year to year. Annual data may
fluctuate significantly due to the size or number of projects reporting data during a given fiscal year. These results are mainly drawn from Corporate Results Indicators (CRIs),
which are sector outcome or output indicators that can be measured and monitored at the project level and aggregated across operations and countries. CRIs are integrated
in the results frameworks of individual operations. CRIs can be supplemented by customized, project-specific results indicators. More information on the definition of eachindicator can be found at https://scorecard.worldbank.org/.

3

This indicator is a composite indicator consisting of six CRIs, including one with the same indicator name that captures the number of beneficiaries of a broad range of jobfocused interventions.

4These results are also included in the results reported for the composite indicator, “beneficiaries of job-focused interventions.”

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The World Bank Impact Report 2023

Green Bonds
ACHIEVED RESULTS

Since 2008, the proceeds from World Bank Green Bonds5 contributed to $16.3 billion in
disbursements to projects helping member countries pursue a transition to low-carbon
and climate resilient development and growth. Below is a selection of the cumulative
results reported for green bond projects that closed on or before June 30, 2023:

27.3

million tCO2eq

GHG emissions avoided/reduced annually

27.5

million people

benefitted from green bond projects6

Renewable Energy and Energy Efficiency

9.2

Solid Waste Management

3.3

million tonsof waste prevented, minimized, reused or recycled
annually

billion MWhannual energy savings

4,876

MW

Living Natural Resources and Land Useof renewable energy capacity added

Clean Transportation

202

km

7.8

million haof area under sustainable management practices

of rail tracks/BRT/public transport/pedestrian
walkways constructed/rehabilitated

Water and Wastewater Management

44

million m3

23

million m3of annual water savingsof wastewater treated, reused,or avoided annually

5The current World Bank (IBRD) Green Bond project portfolio comprises 139 projects, including projects that have closed, and two that were cancelled. The green bond project
results presented above are selected cumulative results of closed projects with an Implementation Completion Report available during the reporting period (as of March 2024).
The results do not represent all countries or regions where the World Bank supports the financing of projects and should not be considered a comprehensive accounting ofresults. Additional project results are presented in the Project-level Reporting which can be downloaded in PDF or requested in Excel directly on the website’s impact reporting.
The full set of project results can be found at http://projects.worldbank.org.

6This is an aggregate of beneficiaries across sectors for closed projects in the green bond project portfolio. In each project, if there are multiple interventions and their respective
beneficiaries, only the highest count of beneficiary is accounted for to avoid double counting. More detailed intervention specific beneficiaries at the project level are available inthe green bond tables on the World Bank Impact Report website.

4The World Bank Impact Report 2023

Issuance Highlights
Annual Issuance ($ billions)

70

$42.2

60

issued in FY23, including

9080

billion

$0.5

50
40

billion30

in green bonds

20
100

FY19

FY20

FY21

FY22196

FY23

Bond transactions

Benchmark/Global Bonds
Other/Plain Vanilla Bonds
Structured/Risk Transfer Notes

EUR15%

20

currencies

supported the financing of sustainable development
projects in IBRD member countries and their progress
toward national priorities and the SDGs

$38.6 billion

in new commitments

andUSD
65%Issuanceby Currency

Other20%$25.5 billion

in disbursements

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The World Bank Impact Report 2023

Sustainable
Development Bonds
COMMITMENTS & DISBURSEMENTS
Table 1. Commitments and Disbursements by Sector$ millions
Total Net
Commitments

Total
Disbursements

FY23 Net
Commitments

FY23
Disbursements

Committed/a

Disbursed/b

Committed/a

Disbursed/b

153,523

75,891

38,57225,504

Public Administration

27,251

13,694

13,444

9,268

Water, Sanitation and Waste Management

18,525

8,808

1,870

1,948

Health18,323

10,873

2,655

3,189

Transportation

18,27011,378628

1,424

Energy and Extractives

16,138

5,528

6,215

1,142

Social Protection

13,684

7,588

3,118

1,831

Agriculture, Fishing and Forestry

13,391

5,803

3,265

2,221

Education

9,624

4,307

1,381

1,239

Industry, Trade and Services

8,822

3,664

1,694

1,319

Financial Sector

8,415

4,060

3,853

1,859

Information and Communications Technologies

1,081

188

450

64

Total

Figure 1. Cumulative Commitments by Sector
1%
6%

Public Administration
Water, Sanitation and Waste Management

5%

18%

Health6%

Transportation
Energy and Extractives

9%

Total Net
Commitments
by Sector

12%

Social Protection
Agriculture, Fishing and Forestry

9%
10%

12%

Education
Industry, Trade and Services

12%

Financial Sector
Information and Communications Technology

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The World Bank Impact Report 2023

Green Bonds
COMMITMENTS & DISBURSEMENTS 7In FY23, the World Bank made commitments totaling $2.2 billion and disbursed $955 million
to green bond eligible projects. Since 2008, the World Bank has committed $21.7 billion8 anddisbursed $16.3 billion across 139 projects in 38 countries as of June 30, 2023. Approximately$12.8 billion in World Bank Green Bonds were outstanding as of June 30, 2023.9

Table 4. Commitments and Disbursements by Sector$ millions
Cumulative
Committed

Fiscal Year
Disbursed&Outstanding

Disbursed

Mitigation

Adaptation

Total

13,9996,894

12,784955

Renewable Energy & Energy Efficiency

6,488

124

4,361

239

Clean Transportation

4,550

455

3,456

60

Water and Wastewater

356

1,606

945

139

Solid Waste Management

696

85

105

3

Living Natural Resources and Land Use

1,087

2,808

1,881

342

Resilient Infrastructure, Built Environment and Other548

1,025

1,224

43

Biodiversity

274791812

128

Percentage

67%

33%

Figure 4. Cumulative Commitments by Sector
7%

5%
Renewable Energy and Energy Efficiency

32%
19%

CumulativeCommitmentsby Sector($ millions)4%

Clean Transportation
Water and Wastewater
Solid Waste Management
Living Natural Resources and Land Use
Resilient Infrastructure, Built Enviroment and Other

9%

Biodiversity

24%

7These figures represent the commitments and disbursements of the current green bond portfolio. Annual green bond commitment and allocation figures include repaid amounts
but exclude flows for canceled projects.

8This figure represents the historic amount committed to projects in the World Bank Green Bond program since 2008, including the projects which were fully repaid.

9The World Bank has issued over $18 billion in green bonds since 2008. An amount equal to the net proceeds of the green bonds is credited to a special account that supports
IBRD’s lending for eligible projects. So long as the green bonds remain outstanding and the special account has a positive balance, periodically and at least at the end of every
fiscal quarter, funds are deducted from the special account and added to IBRD’s lending pool in an amount equal to all disbursements from that pool made during such quarterwith respect to eligible projects.

The World Bank Impact Report 2023

7

Project-Level Reporting
Detailed project-level reporting is posted on the World Bank impact report website. There, investors can download projecttables in PDF format or request the tables in Excel format. The project tables pictured below for reference provide project
objectives, results, and committed and disbursed amounts among other details, including project-level SDG mapping forthe Sustainable Development Bond and Green Bond project portfolios. Project results should be read in conjunction withthe Resources section of this report, which describes the reporting approach.
We use the Harmonised Framework for Impact Reporting that the World Bank initiated together with other issuers in2015, and related sector–specific templates, if available, for reporting provided under the auspices of the ICMA Green
Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines.

Notes:Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs. Payments on the bonds describedherein are not funded by any project or program.

Disclaimer
This document has been prepared by the World Bank (International Bank for Reconstruction and Development, IBRD) for information
purposes only, and the World Bank makes no representation, warranty, or assurance of any kind, express or implied, as to theaccuracy or completeness of any of the information contained herein. It is prepared by staff based on reviews of the underlying project
documentation. In the event of a discrepancy between the report and the underlying source (project or bond documentation, or othersource), the latter prevails.
This document is not an offer for sale of securities of the World Bank (International Bank for Reconstruction and Development,IBRD). Any offering of World Bank securities will take place solely on the basis of the relevant offering documentation including, but
not limited to, the prospectus, term sheet, and/or final terms, as applicable, prepared by the World Bank or on behalf of the World
Bank, and is subject to restrictions under the laws of several countries. World Bank securities may not be offered or sold except incompliance with all such laws.
Any examples provided in this document are provided for illustrative purposes only, and no assurance can be provided that disbursementsfor projects with these specific characteristics will be made by the World Bank during the term of a specific World Bank bond.
Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects orprograms. Payments on the bonds described herein are not funded by any project or program.
Each recipient of this report is deemed to acknowledge that this is a proprietary document of the World Bank and by receipt hereof agrees
not to disclose it, or permit disclosure of it, to third parties without attributing the source or the prior written consent of the World Bank.
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INVESTOR RELATIONS & SUSTAINABLE FINANCE
Capital Markets & Investments Department
The World Bank Treasury1818 H Street, NW
Washington, DC 20433
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debtsecurities@worldbank.org+1 (202) 477-2880