Even though the Austrian green bond market has not been very active, issuers like Uniqa, Hypo Noe, Verbund, and the Republic of Austria have taken the first steps toward the new asset class. The main feature of such bonds is the intention and/or commitment to invest the proceeds of the issue in green projects. Most issuers initially established stand-alone green bond frameworks based on voluntarily applied market standards. An Austrian green bond standard has not yet been developed. Frameworks used in Austria are usually based on published guidelines, like the International Capital Market Association's (ICMA) Green Bond Principles. Issuers do consider the upcoming standards of the European Union, too – particularly, the EU Green Bond Standards (EUGBS) and the so-called EU Taxonomy.
