03/09/2020 (Agence Europe) – Luxembourg is the first European country to launch its reference framework for sustainable bonds aligned with international and European standards, the Luxembourg Ministry of Finance announced on Wednesday 2 September. The new framework complies with the International Capital Markets Association (ICMA) Green Bonds principles and Luxembourg has also incorporated eligibility criteria that are already in line with the recommendations of the final report of the Technical Expert Group (TEG) on the Taxonomy of the European Union (see EUROPE 12442/14). The Luxembourg framework has also been designed to comply with the draft European standard on green bonds (see EUROPE 12505/31), the press release states. Revenue from sustainable bonds, issued through this framework, will only be used to finance or refinance eligible expenditure in areas such as the construction of ‘green’ buildings, energy transition, environmental protection or access to essential services. (MF)