Environmental Finance Bond Award judges praised KfW’s €3 billion ($2.8 billion) green bond for being “a great example to others” alongside “high-quality reporting that supported an excellent mission”.

The KfW green bond was the debut 2022 benchmark issue under the agency’s new green bond framework – which was expanded by a third project category – and represented KfW’s largest order book for a green transaction.

Proceeds will be utilised for the German government's climate action measures, with almost 71% of the proceeds being used for energy-efficient buildings and almost 28% for renewable energy projects in Germany and abroad.

Head of capital markets at KfW Petra Wehlert commented: "We are delighted to have won this prestigious award two years in a row, which is a testament to our continued commitment to providing first-class liquid green bonds to ESG investors.

"With over €60 billion of green bonds across currencies issued to date, we are among the world's largest issuers in the green bond market, but this bond hit the bull's eye: overwhelming investor demand represented our largest ever order book for a green transaction - despite a particularly challenging environment.

"It was a fantastic start to our 2022 expanded green bond framework."

The issue makes the agency one of the world's largest green bond issuers.