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Reform Support

Supporting reforms to develop well-regulated, stable and competitive financial markets

Funding Programme
Technical Support Instrument (TSI)

Support to sustainable debt issuance in Andalusia and its budgeting alignment

The Commission supported the authorities of the Region of Andalusia (RA) with improved institutional capacity to design, develop and implement sustainable finance reforms. A detailed Action Plan was designed to help revise the Andalusian Sustainable Finance Framework.


The RA published its initial Sustainable Finance Framework in March 2021. Since then, it has issued EUR 2 billion of sustainable debt. Alignment with the broader EU sustainable finance agenda is key for the improvement of institutional capacities to design, develop and implement sustainable finance reforms in the RA.

Support delivered

Building on best practices identified among EU sub-sovereign green, social and sustainability (GSS) bond issuers, the regional budget was analysed against existing sustainability frameworks and standards (EU Taxonomy, UN SDGs), complemented by a screening of the RA economy to identify the most relevant sectors and investments for the low-carbon transition.

Results achieved

Clear steps were identified to foster synergies and efficiencies between the green budgeting and GSS bond issuance processes with the Region. Obtaining good practice insights from other EU regions illustrated common challenges to be tackled and opportunities for Andalusia to improve its strategic and operational processes. The new Action Plan should greatly support Andalusia’s sustainable finance ambitions. Public events organised in Sevilla in December 2021 and May 2022 helped to disseminate results widely.

More about the project

You can read the final report here: